ETF Main Trends

It held right at the trend line Friday.

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Here is a one month chart from Arthur Hill of stockcharts.com showing the relative performance on the 9 sectors in the S and P 500.  After leading by quite a bit in the prior month defensive sectors have fallen a ways behind the risk assets or offensive sectors.

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AAPL is back testing the Main Pivot with the down trend line not far away.  Money flow has weakened considerable.

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Moving Average and Money Flow (green bars) showing the strength of this market.

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Here are the new pivots for the SPX hourly.

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Risk falls With It

John Murphy of stockcharts.com has a good analysis of the affect of the Yen on Gold.

Yen Gold