The weekly chart for Diamonds has been downgraded to neutral as the “inflating parabolic bubble” is popping. The weekly charts for Spiders and QQQ remain positive but overbought and still in “inflating parabolic bubble” formations. The weekly chart for the Transports ETF has been downgraded to neutral. The weekly chart for the Russell 2000 ETF remains positive but overbought.
My call remains “Sell in May and Go Away!”
Here’s Today’s Scorecard
SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA)
Courtesy of Refinitiv XENITH
The Diamonds ETF slipped out of bull market territory at 19.8%