Momentum has weakened considerably for the Nasdaq Composite, Russell 2000 and teh Mid-Cap index, (MDY). Each of these indices are at their intermediate to long-term channel support areas. The S&P 500 has held up much better.
Current thoughts on Crude, the (XLE) - Energy Select SPDR and the (IXC) - iShares Global Energy ETFs are below. Crude continues to look bullish, but most of the energy stocks need more work to get going.
Although the uptrend in the Nasdaq Composite and Russell 2000 remains intact, both indices have stalled at the upper end of their intermediate-term channel. The Dow Transports continue to find resistance in the 10900 area and look poised to pullback short-term.
The Nasdaq Composite continues to stall at our long-term target area, and momentum continues to weaken. The Semiconductor ETF - SMH has been carving out a top pattern for a number of months as it trades around our target of $102. It has just started to break a 2-year uptrend and the monthly MACD - momentum indicator has crossed. We would be reducing exposure.