Futures are down this morning, and the movement since about 4am has been steadily downward. I think it's safe to assume that the markets will open lower this morning.
The S&P had a tough time of it yesterday - opening at 981 - immediately dropping a bit, drifting through the day, and barely coming back right at the close to finish at a new high of 982, but at lower volume.
S&P500 - 15 Minute Chart - 4 Days
Notice the lack of MACD-H momentum by either the bulls or the bears - neither wanted to take control. This lack of conviction may be either a sideways consolidation of the recent upward gains (in which case it's bullish), or, looked at in combination with today's expected downward movement, could be a short-range top while the S&P retests a new bottom range (or even falls all the way back and retests that 880 level of a few weeks ago) - which could the bears coming back out. We'll see.
In the event that things remain bullish, I wanted to take a look at what ETFs have been doing the best since the 880 level was tested back on July 8.
This is a listing of the top 11 ETFs, by return, since July 8. DZK has very thin volume, so is not a good candidate, but the others all could be considered good substitutes for the financial plays - several of them did better than FAS in this latest upturn.
