Mid Week ETF Look – Jan 24, 2018
$SPY little pull back today from the extension yest, think we see cont now, trend still intact. Weekly a little extended so tad bit cautious on the trend retest. Monthly showing we are starting to go para. Cautious short term but bullish overall
$XBI Nice pull back into support after the extension, held above range break which is key for confirmation. Think we will head higher into the 100 area short term. Will watch for a flag formation.
$USO Flag breaking to the upside, oil should make next leg up here, plenty of upside. Think we see some nice cont. Chart looks good on daily, weekly and monthly.
$GDX little extended on this gap, also pushing into weekly res and monthly 50ema res, this will be a big area. Expect a pull back here into the short term trend. Big area.