• 806 days Will The ECB Continue To Hike Rates?
  • 806 days Forbes: Aramco Remains Largest Company In The Middle East
  • 808 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,207 days Could Crypto Overtake Traditional Investment?
  • 1,212 days Americans Still Quitting Jobs At Record Pace
  • 1,214 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,217 days Is The Dollar Too Strong?
  • 1,217 days Big Tech Disappoints Investors on Earnings Calls
  • 1,218 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,220 days China Is Quietly Trying To Distance Itself From Russia
  • 1,220 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,224 days Crypto Investors Won Big In 2021
  • 1,224 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,225 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,228 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,228 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,231 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,232 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,232 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,234 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

The Bulls Are Excited Again

With new highs in the S&P 500 last week the bulls are excited again. Never mind the fact that the Dow industrials index is still well below its 9/18/13 high. When determining the health of the broad market technicians like to "look beneath the hood" to the performance of individual sectors particularly the more cyclical groups.

One of the most important leading sectors is semiconductors. As the S&P 500 - and even the tech-heavy NASDAQ Composite - were making new highs, semiconductors gapped down on Wednesday. Note how Tuesday's high (and previous highs) came with a negative divergence in the daily Coppock Curve. A break below 480 will confirm the top.

Semiconductor Chart
Larger Image

You don't have to be a semiconductor investor to find the above observation to be of interest. With the exception of Consumer Staples, telecom, and utilities, every one of the ten GIC sectors indexes is seeing negative divergences in their Coppock Curves in both the daily AND weekly charts. Of course telecom and utilities are nowhere near their old highs. The negative divergences seen in the Coppock Curves of all the leading sectors is a bearish omen for the broad equity market.

 


Take a "sneak-peek" at Seattle Technical Advisors and get a 30% discount on a trial subscription for this week only, when you say you received this offer through Safehaven.com.

 

Back to homepage

Leave a comment

Leave a comment