There are so many indexes on or near YR1s the situation calls Jan-Feb 2016 to mind, as the only difference was that they were on YS1s. Both years started with a directional bang, reached yearly levels, and then... we shall see.
That is our task now, to assess the chances of a turn here. Given momentum i think any drop will be temporary and come back - but given that i am quite leveraged long with GLD on top of that i do not want to see negative reactions from all these yearly levels.
Keep in mind that YR1 status is not a percentage gain indicator - it is a reflection of this year's movement compared to the average of last year's high, low and close. An asset class in a tight range could reach YR1 fairly easily but that is saying something - breakout. It is amazing that FXI had such an amazing year and already above its YR1 for 3 trading days.
USA mains
SPY - just above (YR1, same for all the others, YR2s are not in play)
QQQ - testing near exact
DIA - not there yet
IWM - testing near exact (looks good as short hedge candidate)
NYA & VTI - NYA above and VTI testing near exact
So you could say 4/5 USA mains testing YR1s.
Sectors that i track
SMH - not there yet but testing 1HR1
XBI - exact tag
XLF - not there yet but testing 1HR1
XLE - nearly there
Global
ACWI - testing near exact
SHComp - decently above for 2 trading days
FXI - decently above for 3 trading days
EEM - not there yet
KWEB - not there yet
INDA - not there yet
EWZ - 1HR1 fail
RSX - above for 4 trading days
Developed
EFA - testing near exact
EWG - testing near exact
EWJ - above slightly for 1 trading day
This my friends is a slew of YR1s in play (all bolded). I suspect a shakeout, but then think we will see a comeback. As long as VIX is below all pivots I will continue with leveraged longs plus GLD. That said, i may jump into UVXY again for a quick hedge. If Wednesday seems like rejections of levels with VIX higher, then i may make another decision.
SPY, QQQ and VIX below.
