Running through over a hundred of the most popular ETF charts provides a good way to gauge where in the market the money is flowing in and out of.  Aside from the obvious strength in commodities, there are other notable trends in the market.  The continued strength in emerging markets, (which I’ll cover tomorrow - will it ever end?), the free fall in healthcare/biotech, the potential bottoming of utilities and the emerging weakness in REITs and Telecom/Networking.

The REITS look like they’re on the verge of collapse, as the two major REIT ETFs (IYR and ICF) recently took out support of their upward trend lines and support of the 50 day moving average.

Tech, particulary telecom and networking are doing their best to hold up here, but both the telecom holders trust (TTH) and the Ishares Networking fund (IGN) look to be in trouble from my viewpoint.

Anything and everything related to the health industry has been hit hard in the past few weeks.  Here’s a look at two biotech ETFs (Biotech Ishares IBB & Powershares Dynamic Biotech ICF).  While biotechs may get a little relief bounce soon, they aren’t going anywhere anytime soon.  The same could be said for healthcare (see the Ishares Healthcare fund IYH) and pharmaceuticals (see the Pharma Holders Trust PPH) 

Utilities continue to lag the market and they too have some room left to run to the downside.  They may test key levels of support in the coming days.  The Utilities Holders Trust (UTH) has support in the 105 - 107 range, while the Utilities SPDR (XLU) fund is approaching support around 30.

All is not bearish in ETF land.  Commodities continue to do well (although I wouldn’t be making large bets up here) and select emerging markets continue to forge ahead.  I’ll have a look at some bullish ETF Charts in round II tomorrow.  Stay tuned!