Another week with plenty of gyrations in money flow. We have seen these weeks with a lot of sector changes as a preview of a larger market move.


Market: XLE (Energy ETF)

Reason for observation: Change of character

Short-term bias: Neutral

Long-term bias: Neutral

Really messy chart but the out-performance of energy stocks is clearly visible here.


Market: XLP (Consumer Staples ETF)

Reason for observation: Daily bear flag trigger

Short-term bias: Bearish

Long-term bias: Bearish

Sharp breakdown from the daily bear flag setup. Looks like a defensive sector is ready to move much lower.


Another visual to see the outperformance of energy and the under-performance of consumer staples.


A risk-on indicator shooting to new highs. Something under the surface here? Not sure. Much of this gain is obviously due to the sell off of consumer staples. Whether that was a true risk-on tell will be shown in time.