Many of you will recall my ETF ranking methodology described here, as provided nightly within ETF Rewind for well over 200 asset class tracking ETFs. As in the Spring of 2009, the distribution of this indicator across all assets classes was a terrific confirming tell of the market's pending directional change.
After the recent correction, the bullishly ranked ETF screen (7 or higher) is down to a very short list of 22. While most of them are to be expected as counter equity plays, there is definitely a surprise or two in the list -- can you spot them?
As a proxy for what I'll call diversified technical breadth, this reading almost seems too far done, as I don't think I've ever seen it quite this bad in terms of absolute aggregate readings or modality, even during the 2008 crash. Well is it really?
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