I do not advocate playing these by their charts, but rather by the indexes they track. This chart is to show the conglomeration of the heard and to attempt to possibly gain sight on where the heard may be headed. EEV leading out of the gate presumably on all of the China news. SKF pulls up fast into second cause O is gonna put the screws to the banks news. DUG rising into third on oil issues. QID and SDS bring up the rear. I can only have 6 max indexes per chart. I may do a 3x chart as well (it should look just like this one).
The black TL and the S/R lines are a ballpark average as well as the fib. They do not apply to any specific ETF. Let's see if this heard stays in a pack or if we can get a defined leader. I do believe this chart may be helpful in identifying the stronger/weaker shorts.You can see where DUG took and early lead but lost it. UUP is not on here, cause it is the big leader in the race of the shorties.
This chart is lives in the Short section of my chartbook here. I have not charted the shorts in some time (wonder why), but I will be updating the individual charts soon.