DBC, Commodity ETF, is now in defined range with bearish bias prevailing. I like most commodity ETF stocks for possible short trade. Only one – agricultural commodity ETF – is bullish for me. Technical analysis now agree with my Global Macro opinion about commodities.
They are bullish and show relative strength to US stock markets. I monitor especially ETFs like ECH, EWM and IF for possible entry in my technical strategies. These ETFs are also in accordance with my Global Macro ideas.
I did my analysis for technical trading strategies for my fund and noticed that commodity ETF stocks turned bearish. They have broken support levels and are now poised for further declines. Here are some chart examples :
The only commodity ETF I watch for long now in my ETF Trading strategies is DBA – agriculture ETF stock
Investors lost its appetite to buy pharmaceutical companies. PPH – Pharmaceutilas ETF indicates such situation. It looks like any rally in PPH is shortable. I will monitor it in my ETF Trading to prepare some setup. But we are in strong bullish stock market trend and therefore I will set up only half size trade for this idea.
I monitoring IDU – Utilities ETF. It is breaking out of consolidation pattern and is poised for further gains. I am preparing new trade setup to trade this new trend.
UUP made bullish stock chart pattern (bulflag) again.I am waiting for new breakout of this stock chart pattern for ETF trade in this ETF.
DBA is presenting very nice trading range. One can buy on the support and sell on resistance. Right now I think that price can go down to support level of trading range.
I have read a lot about good harvest of agriculture commodities so fundamentals also confirm down move.
I have been looking for establishing new short in Japanese Yen currency. It is based on Global macro story I follow in my fund. And it is also confirmed by nice chart pattern. You can see it on chart of FXY (Japanese yen Currency ETF).
I noticed that UUP is only bullish ETF in today’s market.
I am in long UUP trade for more then month and expect more upside move.
I was able to spot early strength by my proprietary scanner I use for scanning about 80 ETFs in my watch list. I use this watch list for selecting best trading opportunities for my ETF trading strategy I use in my fund.
Btw. I am now preparing special newsletter which will publish my ETF trading setups , picks and analysis. Keep tuned, will be available soon.
I have noticed that KRE ETF has broken through resistance and is heading higher. I do not like fundamentals of US banks too much but technically it is definitely bullish setup in some pullback.
