The unhinged price ascent of the first half of 2023 push prices back into the same price range as the major top, but, for months now, the EFA has largely been marking time, thrusting into nominally higher highs and yet not showing the kind of momentum that was so evident about half a year ago.Īlthough it isn’t directly related to regular equities per se, the miners fund is indicative of general asset strength, since most assets tend to move more or less the same direction. In spite of all the trillions of dollars that pig Yellen has provided, the bulls have apparently run out of gas.īroadly, the worldwide equity markets have persistently stayed beneath their failed long-term trendline.
What has happened instead is that, twice, the bulls have tried to launch this thing, and it failed spectacularly on Thursday and Friday. A few weeks ago, it looked like the Dow was going to finally smother the bears to death, once and for all. The first, based on the Dow Industrials, has had an interesting failed bullish breakout. Below are seven major ETFs, in alphabetical order of their symbols. In the same manner as I did with the prior post about indexes, I wanted to offer some reflections on what I think recent ETF action might mean for markets in general.
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