Mid Week ETF Look – Feb 1, 2018
$SPY Ema support tested and held today, now to test the dt to see if we can flag out. Big spot for market short term here esp with many of the big names reporting here. Technically Trend intact on weekly and monthly, looks like the pull back is creating a flag formation. Remain bullish longer term imo, short term expect some choppiness imo, pinned between the support and res.
$USO Support tested and held, dt breaking. Looking for confirmation then cont to the upside short term. Weekly trend intact and monthly looks great, nice curl with room to the upside.
$GDX Short term dt breaking on daily, expect another push up and retest of this weekly range resistance and the monthly 50ema. Stronger res to upside but we have tested multiple times.
$XBI Selling off after comments last night but technically I see a top channel rejection. ema support will be tested shortly, we will see if it holds. Think in short term we do get a daily trend retest before breaking this dt, ema test next few days will be key.