Weekly pivot update.
The absolute R1-S1 range value has remained relatively stable for 3 of the 4 ETFs, although XLE actually declined 37%. The percent range for the upcoming week for the 4 ETFs has evened out at the +/- 20 level suggesting range contraction as the most likely next move.
The promising closing alignment of the PPs last week turned out to be just a pause in the selling, not a jumping off point to higher levels, and with a return to this week's slide of closing prices to the low of the weekly range, the trend has once again resumed to the downside.
Yes, we got a nice rally on Monday, but that turned out to be a good opportunity to sell, not buy. As global financial markets continue to unwind, the outlook for the long side is not favorable. All 4 ETF midpanel technicals are trending down and offer little optimism for the near term.
Volume MA continues to trend up for the basket.