See previous week Weekly Inter Market Analysis.
Original post from https://mystocksinvesting.com
SPY (SPDR S&P500 ETF)
SPY is currently forming a symmetrical triangle in a big Rising Wedge pattern. Symmetrical Triangle is a consolidation pattern until breakout. Keep an eye on on key supports:
- Resistance turned support zone: 211-213
- Rising Wedge immediate support: about 210
- Previous Head and Shoulders neckline support: about 204.
- Rising Wedge next support: about 200
VIX still stays below 15 – a complacent zone.
Sector Performance (SPDR Sector ETF)
- Best Sectors: Financials (XLF) +1.66%
- Worst Sector: Real Estate (XLRE) – 5.28%
SUDX (S&P US Dollar Futures Index)
SUDX broke out from the Symmetrical Triangle but immediately rejected at the support turned resistance at about 129.04 with a shooting star. Still need to wait for the confirmation of the breakout. Next FOMC statement on Nov 1/2.
FXE (Currency Shares Euro ETF)
FXE is still trading sideway and range bound. Have to wait till next FOMC statement on Nov 1/2 before we can see the next big move.
XLE (SPDR Energy Sector ETF)
Uptrend channel redrawn. XLE moves above 69.31. Critical support at 64.74 which has been tested for 5 times.
USO (United States Oil Fund)
USO broke out from Symmetrical Triangle but immediately rejected at the strong resistance with a Hanging Man with confirmation. Expect bearish reversal in the coming week.
TLT (iShares 20+ Years Treasury Bond ETF)
TLT broke 137.51 support and currently just resting on the next support at 132.5 with a Doji, indicates a pause in the recent down trend. Very interesting to see the sell down in TLT when SPY is moving side way.
GLD (SPDR Gold Shares)
- GLD broke down from the support with a gap down. GLD is currently testing a 200D SMA support. Can this 200D SMA support hold? Take note that 200D SMA is still trending up.
- Fibonacci Retracement level redrawn for GLD. Currently GLD is also sitting on the 61.8% Fibonacci Retracement Support.
- Expect GLD to rebound from level.
Next Week Economic Calendar
- FOMC Meeting Minutes on Oct 13 (Thursday)
- Crude Oil Inventory on Oct 14 (Friday)
- Janet Yellen speaks on Oct 15 (Saturday)