Daily VolTech Stock & ETF Volume & Technical Ratings 8/21/2024

Highest Technical Rated S&P 500 Components Per 8/21/2024’s Close:

1 – K

2 – NVDA

3 – IRM

4 – HWM

5 – MMM

6 – MPWR

7 – AXON

8 – UHS

9 – GDDY

10 – MHK

Lowest Technical Rated S&P 500 Components Per 8/21/2024’s Close:

1 – INTC

2 – WBA

3 – DXCM

4 – LW

5 – EL

6 – MRNA

7 – BEN

8 – LULU

9 – ABNB

10 – ETSY

Highest Volume Rated S&P 500 Components Per 8/21/2024’s Close:

1 – BEN

2 – TGT

3 – JKHY

4 – KEYS

5 – TJX

6 – HSIC

7 – NDSN

8 – ADI

9 – ROST

10 – MDT

Lowest Volume Rated S&P 500 Components Per 8/21/2024’s Close:

1 – WST

2 – EPAM

3 – MOH

4 – SBUX

5 – FSLR

6 – CINF

7 – WAB

8 – URI

9 – RSG

10 – DAY

Highest Technical Rated ETFs Per 8/21/2024’s Close:

1 – NVDX

2 – NVDL

3 – NVDU

4 – NUGT

5 – JNUG

6 – UTSL

7 – USD

8 – NAIL

9 – GDMN

10 – LABU

Lowest Technical Rated ETFs Per 8/21/2024’s Close:

1 – NVDQ

2 – NVD

3 – GXLM

4 – UVIX

5 – NVDS

6 – SSG

7 – TSDD

8 – LTCN

9 – TSLZ

10 – BOIL

Highest Volume Rated ETFs Per 8/21/2024’s Close:

1 – ZSC

2 – XC

3 – NPFI

4 – RODE

5 – JFWD

6 – USSH

7 – JANP

8 – GSEP

9 – MRNY

10 – USIN

Lowest Volume Rated ETFs Per 8/21/2024’s Close:

1 – IQHI

2 – XHYC

3 – NUSB

4 – PSMD

5 – MEDI

6 – SHUS

7 – PSCX

8 – TSEC

9 – FTAG

10 – PSCW

Highest Technical Rated General Stocks Per 8/21/2024’s Close:

1 – FTCHQ

2 – VRAX

3 – ASTS

4 – PSNL

5 – TSSI

6 – LUMN

7 – WTO

8 – GOVX

9 – ADD

10 – CLOV

Lowest Technical Rated General Stocks Per 8/21/2024’s Close:

1 – NDRA

2 – SCPX

3 – SING

4 – CTOR

5 – SLXN

6 – SYTA

7 – MLGO

8 – LTM

9 – CGBS

10 – FAAS

Highest Volume Rated General Stocks Per 8/21/2024’s Close:

1 – GDC

2 – GLMD

3 – REVB

4 – BPTH

5 – SMFL

6 -SDIG

7 – MNPR

8 – GXAI

9 – GHSI

10 – ICCC

Lowest Volume Rated General Stocks Per 8/21/2024’s Close:

1 – NEN

2 – SRAFF

3 – WHTCF

4 – AUSVF

5 – PRKR

6 – PTRUF

7 – RHHBF

8 – CTSDF

9 – LTHCF

10 – SCRYY

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/20/2024

Highest Technical Rated S&P 500 Components Per 8/20/2024’s Close:

1 – K

2 – NVDA

3 – HWM

4 – IRM

5 – MMM

6 – AXON

7 – UHS

8 – FICO

9 – GDDY

10 – MHK

Lowest Technical Rated S&P 500 Components Per 8/20/2024’s Close:

1 – INTC

2 – DXCM

3 – WBA

4 – LW

5 – EL

6 – LULU

7 – MRNA

8 – ALB

9 – ABNB

10 – BBWI

Highest Volume Rated S&P 500 Components Per 8/20/2024’s Close:

1 – PANW

2 – EL

3 – DRI

4 – JKHY

5 – PYPL

6 – MDT

7 – KEYS

8 – TGT

9 – TSN

10 – SPGI

Lowest Volume Rated S&P 500 Components Per 8/20/2024’s Close:

1 – ENPH

2 – TFX

3 – KMX

4 – SBAC

5 – JCI

6 – GEV

7 – RSG

8 – FDX

9 – SWK

10 – CINF

Highest Technical Rated ETFs Per 8/20/2024’s Close:

1 – NVDX

2 – NVDL

3 – NVDU

4 – NUGT

5 – JNUG

6 – UTSL

7 – USD

8 – GDMN

9 – RING

10 – DFEN

Lowest Technical Rated ETFs Per 8/20/2024’s Close:

1 – NVDQ

2 – NVD

3 – UVIX

4 – NVDS

5 – GXLM

6 – SSG

7 – TSDD

8 – BOIL

9 – TSLZ

10 – SOXS

Highest Volume Rated ETFs Per 8/20/2024’s Close:

1 – FSEC

2 – INDE

3 – SIO

4 – OCTZ

5 – IBBQ

6 – NCPB

7 – NUSA

8 – MEMX

9 – NBSM

10 – OVL

Lowest Volume Rated ETFs Per 8/20/2024’s Close:

1 – BHYB

2 – XHYI

3 – GTR

4 – JANJ

5 – BDGS

6 – ISDB

7 – CPLS

8 – VNSE

9 – NUSB

10 – CPII

Highest Technical Rated General Stocks Per 8/20/2024’s Close:

1 – RDHL

2 – DNA

3 – CVKD

4 – NDRA

5 – ASTS

6 – TSSI

7 – LUMN

8 – PSNL

9 – VRAX

10 – SQZB

Lowest Technical Rated General Stocks Per 8/20/2024’s Close:

1 – SING

2 – SYTA

3 – MLGO

4 – LTM

5 – OM

6 – CNSP

7 – CGBS

8 – VYBE

9 – CDT

10 – AZTR

Highest Volume Rated General Stocks Per 8/20/2024’s Close:

1 – TTNP

2 – STEC

3 – EVOK

4 – TGL

5 – MYNA

6 – AUUD

7 – INM

8 – OUT

9 – PRFX

10 – IMBBF

Lowest Volume Rated General Stocks Per 8/20/2024’s Close:

1 – AVCNF

2 – QTRHF

3 – ZCMD

4 – DSNY

5 – FMCXF

6 – MEDXF

7 – SOUTF

8 – LANV

9 – GIKLY

10 – OGCP

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/19/2024

Highest Technical Rated S&P 500 Components Per 8/19/2024’s Close:

1 – NVDA

2 – K

3 – HWM

4 – IRM

5 – MMM

6 – AXON

7 – UHS

8 – FICO

9 – GDDY

10 – TRGP

Lowest Technical Rated S&P 500 Components Per 8/19/2024’s Close:

1 – INTC

2 – WBA

3 – DXCM

4 – LW

5 – ALB

6 – LULU

7 – EL

8 – ABNB

9 – MRNA

10 – EW

Highest Volume Rated S&P 500 Components Per 8/19/2024’s Close:

1 – EL

2 – ULTA

3 – JKHY

4 – PANW

5 – FRT

6 – DPZ

7 – WYNN

8 – HPQ

9 – NDSN

10 – MCD

Lowest Volume Rated S&P 500 Components Per 8/19/2024’s Close:

1 – EPAM

2 – CINF

3 – UNH

4 – ANSS

5 – SBAC

6 – APD

7 – GLW

8 – OMC

9 – CTLT

10 – NOC

Highest Technical Rated ETFs Per 8/19/2024’s Close:

1 – NVDX

2 – NVDL

3 – NVDU

4 – USD

5 – NUGT

6 – UTSL

7 – JNUG

8 – DFEN

9 – DPST

10 – GDMN

Lowest Technical Rated ETFs Per 8/19/2024’s Close:

1 – NVDQ

2 – NVD

3 – UVIX

4 – NVDS

5 – SSG

6 – TSDD

7 – LTCN

8 – TSLZ

9 – GXLM

10 – SOXS

Highest Volume Rated ETFs Per 8/19/2024’s Close:

1 – XHYI

2 – XHYT

3 – ONEO

4 – GDVD

5 – BHYB

6 – UDI

7 – INFR

8 – SBND

9 – KNOW

10 – BMAR

Lowest Volume Rated ETFs Per 8/19/2024’s Close:

1 – FEBT

2 – ISDB

3 – NUSB

4 – QTOC

5 – FMQQ

6 – SHUS

7 – INOV

8 – XVOL

9 – OBOR

10 – PSCW

Highest Technical Rated General Stocks Per 8/19/2024’s Close:

1 – BETR

2 – ALGS

3 – SITC

4 – SRFM

5 – ASTS

6 – VRAX

7 – PLCKF

8 – TSSI

9 – LUMN

10 – PSNL

Lowest Technical Rated General Stocks Per 8/19/2024’s Close:

1 – SING

2 – MULN

3 – CTOR

4 – SYTA

5 – MLGO

6 – LTM

7 – CGBS

8 – MMAT

9 – MKDW

10 – VSEE

Highest Volume Rated General Stocks Per 8/19/2024’s Close:

1 – ALZN

2 – SOND

3 – ELBM

4 – NCNA

5 – VRAX

6 – APDN

7 – TNXP

8 – SIDU

9 – PGRU

10 – QUISF

Lowest Volume Rated General Stocks Per 8/19/2024’s Close:

1 – EAGRF

2 – BTSGU

3 – ROKRF

4 – SNTG

5 – BGM

6 – PFLC

7 – PBHC

8 – MARPS

9 – TCBC

10 – YIBO

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Weekly Stock & ETF Market Review 8/18/2024

SPY, the SPDR S&P 500 ETF gained +4% this past week, although volumes became heavily muted again, while the VIX closed the week at 14.8, indicating an implied one day move of +/-0.93% & a one month implied move of +/-4.28%.

SPY ETF - SPDR S&P 500 ETF's Technical Performance Over The Past Year
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year

Their RSI has recently flattened out after climbing up to 59.6, while their MACD has crossed over bullishly in the wake of the run up of the past couple of weeks.

Volumes were dismal, coming in -32.36% below average for the week vs. the previous year (47,394,583 vs. 70,064,027), which as noted last week is even lower than what it appears, given that last week’s average annual volume (70,443,801) is -9.54% less than what the annual average volume was on 3/31/2024 (77,829,780).

Due to the low volumes since May dragging the average down this average volume is -39.1% down from March of 2024’s average, indicating a severe lack of participation that while summer vacations may explain some of, is still not a sign of overall confidence in stocks at these price levels.

Monday began SPY’s week on a note of uncertainty, as the session opened above the resistance of the 10 day moving average, it fluctuated around it all day before closing below it’s opening price, just above the 10 DMA’s support on very low volume.

Tuesday opened with a gap higher that never tested the 50 day moving average’s resistance, but was a wide range session that moved just beneath it by the close.

Tuesday’s volume was higher than Monday’s & the second highest of the week, but was still unremarkable when compared to the average volume statistics noted above.

Wednesday’s session was interesting, as the day opened higher, retraced down ~25% of Tuesday’s candle’s real body, while also testing & briefly breaking above the resistance of the 50 day moving average, before ultimately closing slightly higher near the 50 DMA.

What made Wednesday’s session even more interesting was that the volume was also very low like Monday’s, the session closed by the 50 DMA & the resulting candlestick was a hanging man (bearish).

Things got more interesting Thursday, when on the week’s highest volume SPY gapped dramatically higher & based on the size of the upper & lower shadows of the day’s candle, did not stray much higher or lower than the day’s opening & closing prices.

The week closed on another light volume day (middle of the five days) with Friday opening near the top third of Thursday’s candle, not testing much lower, before advancing to close +0.22% for the day.

As has been noted for the last few weeks, paying attention to volume flows will be particularly important in the coming week(s), as while prices are moving upwards, there has been such limited participation that it is difficult to see price action reflecting true bullish sentiment.

The “Adam” scallop formed during August does not reflect anything that looks confidently bullish, and with the low participation rates we’ve been seeing now for months it is difficult to see enough strength being generated to force any major upwards movements that challenge/break past the all-time SPY high from July.

The coming week features the July FOMC minutes being released on Wednesday, more earnings reports & Fed Chair Powell speaking on Friday at Jackson Hole, making it very likely that we’re looking at one final squeeze before a long couple of months.

It is also worth noting that SPY does not often gap up twice in 10 days without some form of consolidation/losses in the very near-term, which is something that should be kept in mind moving into the new week.

While SPY’s MACD is bullish, it is at the steepest incline since the end of October/early November 2023, back when volumes were much higher than they’ve been for the past few months.

This raises a skeptical brow when looking at recent results given that the low participation rate means that there is not much fuel pushing prices higher.

Wednesday & Friday will be interesting days to watch, particularly as their RSI continues to reach higher & inch closer towards overbought conditions.

Also, on the news/earnings front it is important to note that NVDA will be reporting next week, which if it doesn’t impact volumes in the meantime for SPY will show that the markets are currently running on fumes.

It’s tough to see a stab taken again at breaking the all-time high price in the near-term, particularly as while SPY broke above the $554.87/share resistance point briefly on Friday, it retreated back towards it by the close to close below it.

SPY has support at the $544.60 (50 Day Moving Average, Volume Sentiment: Sellers, 1.22:1), $537.45 (Volume Sentiment: Buyers, 0.7:0*), $534.83 (10 Day Moving Average, Volume Sentiment: Buyers, 1.5:1) & $531.35/share (Volume Sentiment: Buyers, 1.5:1) price levels, with resistance at the $554.87 (Volume Sentiment: Buyers, 2:1) & $565.16/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.

SPY ETF's Price Level:Volume Sentiment Over The Past 1-2 Years
SPY ETF’s Price Level:Volume Sentiment Over The Past 1-2 Years

QQQ, the Invesco QQQ Trust ETF advanced +5.47% last week, as investors most eagerly piled into the technology heavy index (figuratively, as volumes were still very low).

QQQ ETF - Invesco QQQ Trust ETF's Technical Performance Over The Past Year
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year

Their RSI has also flattened out after advancing for the past two weeks & currently sits at 57.05, while their MACD is bullish after crossing the signal line on Wednesday.

Volumes were -18.76% below the previous year’s average (35,824,206 vs. 44,097,003), indicating that the near-term risks outlined in SPY above are also impacting QQQ & should be though about while analyzing the current state of the market.

When comparing this past week’s volume to that of 3/31/2024 it is -27.3% lower (vs. 49,253,412), which throws out any idea of the current market environment being strong.

Monday the week began with the lowest volume of the week, & on a note of uncertainty, as the day closed in a long-legged doji that opened & closed above the 10 day moving average’s support, but also tested below it.

Bulls proved to be the winners on Tuesday though, when the week’s highest volume propelled QQQ to a gap up session that only tested higher as the day wore on.

Volume dipped a little bit on Wednesday, which despite being much higher than Monday’s levels gave off a bearish feeling as the session ended as a hanging man candle that closed below it’s open after opening on a gap up.

Thursday produced another gap up & the third highest volume of the week, which while like Tuesday also did not test much higher above or below the open or close, was able to break above & close above the resistance of the 50 day moving average.

Friday closed the week out on a note of further uncertainty/reason for skepticism, as despite having the week’s second highest volume, the day opened in line with the 50 day moving average, tested lower & higher before settling higher into an uncertain spinning top candle that’s straddling the 50 DMA.

Given the events of the coming week or two that adds to the idea of the last attempt at a pump before disappointment keeps a new all-time high from being established for QQQ.

As volume continues to be a main point of interest & SPY & QQQ’s charts are still highly similar we’ll focus more on the current positioning of QQQ’s moving averages to look at in addition to their volume (also applicable to SPY).

4.76% separate QQQ’s 10 & 50 day moving averages, with the 10 DMA having curled upwards on Wednesday.

-4.39% to the south of QQQ’s 10 DMA lies its 200 DMA, while prices on Friday closed only +0.39% above the 50 DMA’s support.

Prices have now been condensing & drawing the three moving averages & price closer together during a period of low volume.

While the volume doesn’t exactly align, QQQ’s one year daily chart may serve as a good reference from this time last year, as in the event that the 10 DMA crosses above the 50 DMA with the low volumes, it is likely to see similar price action as mid-September 2023.

This becomes even more interesting when the RSI is tossed into the mix, as it currently is in the same neighborhood that it was in about a year ago.

It is also worth noting that since the decline that began in July QQQ has not set any new support levels that are underneath the current price action, indicating that there is not much recent strength.

While the gaps & their upside/downside extremes can be viewed as support & resistance, this ties into the rapid rate of ascent that we’ve watched likely being unsustainable & done in precaution of declines in order to scrape out a handful of extra points to the upside from folks willing to hop back into the pool at these levels.

QQQ has support at the $473.43 (50 Day Moving Average, Volume Sentiment: Buyers, 2.5:1), $459.85 (Volume Sentiment: Buyers, 0.9:0*), $453.43 (10 Day Moving Average, Volume Sentiment: Buyers, 1.62:1) & $448.63/share (Volume Sentiment: Sellers, 2.3:0*) price levels, with resistance at the $475.55 (Volume Sentiment: Buyers, 2.5:1) & $503.52/share (All-Time High, Volume Sentiment: Buyers, 0.4:0*) price levels.

QQQ ETF's Price Level:Volume Sentiment Over The Past 1-2 Years
QQQ ETF’s Price Level:Volume Sentiment Over The Past 1-2 Years

IWM, the iShares Russell 2000 ETF climbed +2.97% last week, mostly due to the gap up on Thursday.

IWM ETF - iShares Russell 2000 ETF's Technical Performance Over The Past Year
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year

Their RSI has also begun to flatten out at 52.68, while their MACD is still in bearish territory but looks set to bullishly cross the signal line in the coming day or two.

Volumes were -17.96% below average last week compared to the year before’s average (28,824,348 vs. 35,133,049), which while it indicates weakness in the near-term is a testament of the sturdiness of IWM & its components.

Using the 3/31/2023 comparison date, current average annual volumes are +0.07% higher (3/31/2024’s avg. annual volume was 35,133,049), which is far more robust than SPY & QQQ.

This likely is primarily attributed to the lack of exposure that IWM has to NVDA & the semiconductor stocks, as well as the other artificial intelligence & data center components.

IWM’s volumes have remained relatively consistent over the past year, with random fluctuations that went both to the upside & downside here & there; however the recent low volumes should be viewed the same as those of SPY & QQQ in terms of poor participation equaling poor sentiment & weakness.

Monday kicked off IWM’s week on a bearish note & weak volume, before Tuesday was able to open higher, tested most of Monday’s range to the downside, before rallying higher & closing at the point where the 10 & 50 day moving average’s were meeting.

Wednesday is when the 10 DMA officially crossed below the 50 DMA, which was interesting as the session opened on a gap up above both, only to test back below the 10 DMA’s support before ultimately closing in line with it.

Thursday threw a wildcard into the mix, when the week’s highest volume came about on a gap up session that resulted in a high wave spinning top, indicating that although there was a lot of movement, in the end it resulted in a high degree of uncertainty.

While the bullish won due to the advance, it was not without a challenge & there is still a bit of downside/bearish sentiment out among market participants.

Friday’s candle is not a shooting star (bearish), but certainly looks like one if its real body was smaller.

The upper shadow does indicate that there is not much more upside appetite for IWM from the current price levels, although that could be changed if there was more upside volume in the next week or so, but the current picture is not painting that to be likely.

For IWM, it would be wise to watch the support & resistance levels & their historic volume sentiment this coming week, as they tend to fluctuate around price levels more often than SPY & QQQ.

In the event that the 10 DMA bullishly crosses the 50 DMA, if there is not sufficient volume behind the movement then there is still reason to be near0-term skeptical, particularly due to all of the events on the near-term horizon.

IWM has support at the $211.29 (Volume Sentiment: Buyers, 2.4:0*), $209.29 (Volume Sentiment: Buyers, 2.4:0*), $209.19 (Volume Sentiment: Buyers, 2.4:0*) & $208.38/share (50 Day Moving Average, Volume Sentiment: Buyers, 2.4:0*) price levels, with resistance at the $215.38 (Volume Sentiment: NULL, 0:0*), $226.64 (Volume Sentiment: NULL, 0:0*) & $228.63/share (52-Week High, Volume Sentiment: NULL, 0:0*) price levels.

IWM ETF's Price Level:Volume Sentiment Over The Past 1-2 Years
IWM ETF’s Price Level:Volume Sentiment Over The Past 1-2 Years

DIA, the SPDR Dow Jones Industrial Average ETF had the weakest week of the major four index ETFs, adding only +2.93%, despite having the sturdiest volume of the bunch.

DIA ETF - SPDR Dow Jones Industrial Average ETF's Technical Performance Over The Past Year
DIA ETF – SPDR Dow Jones Industrial Average ETF’s Technical Performance Over The Past Year

Their RSI is still advancing & sits at 60.39, while their MACD crossed the signal line bullishly on Friday.

Volumes were -3.47% below the prior year’s average (3,438,955 vs. 3,562,534), as blue chip names have maintained strength over the past year compared to the components of other indexes.

Monday was the week’s only bearish day, which also came on the lowest volume session of the week, where prices opened higher but below the 10 DMA’s resistance, before ultimately testing lower & closing below the 50 DMA’s support.

Prices also tested lower than the closing price, indicating that there was more appetite for lower prices, but the bulls were able to squeak out only a minor loss.

Tuesday had the third highest volume of the week, opening by Monday’s open, testing a little bit lower below the support of both moving averages before rallying higher & closing at about its daily high price.

Wednesday the march higher continued on the week’s highest volume before Thursday & the week’s second highest volume resulted in a gap up open.

Thursday did test lower before ultimately becoming an advancing session, while Friday also resulted in a +0.29% advance, but on the second lowest volume of the week, indicating a “soft” risk off Friday.

Due to the relatively constant demand for DIA components they may weather any near-term storms the best of the major index ETFs, but are still not subject to the same concerns outlined in the sections above.

While the 10 DMA crossing the 50 DMA bullishly is imminent in the next day or so, the focus on DIA should be on volume, particularly the strength of volume at support & resistance levels.

There is a large buildup of support levels in the wake of the consolidation period that began January 2024 & has shown DIA oscillate around since which may help prevent much bleeding, but without a good deal of higher volume any moves to the upside will not be convincing without extensive confirmation.

Given that DIA is <2% from their all-time high, this should be given consideration.

DIA has support at the $399.31 (Volume Sentiment: Buyers, 2:1), $397.76 (Volume Sentiment: Buyers, 2:1), $396.62 (Volume Sentiment: Buyers, 2:1) & $395.70/share (50 Day Moving Average, Volume Sentiment: Buyers, 2.6:1) price levels, with resistance at the $411.68 (Volume Sentiment: NULL, 0:0*) & $413.33/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.

DIA ETF's Price Level:Volume Sentiment Over The Past 3-4 Years
DIA ETF’s Price Level:Volume Sentiment Over The Past 3-4 Years

The Week Ahead

Next week is relatively slow on the economic data front, beginning Monday with U.S. Leading Economic Indicators at 10 am.

Monday morning opens with earnings from Estee Lauder before the opening bell, followed by Fabrinet & Palo Alto Networks after the session’s close.

Tuesday features a speech from Atlanta Fed President Bostic at 1:35 pm.

Lowe’s, Amer Sports, Kingsoft Cloud, Medtronic, Premier & VIP Shop all report earnings Tuesday morning before the opening bell, with Coty, Keysight Technologies, La-Z-Boy, Toll Brothers & ZTO Express due to report after the closing bell.

Minutes of the Fed’s July FOMC meeting are released at 2pm on Wednesday.

Wednesday’s earnings calls begin with Target, Analog Devices, Dycom, Macy’s & TJX before the session’s opening bell, with Agilent Technologies, Nordson, Snowflake, Sociedad Quimica y Minera, Synopsys, Urban Outfitters, Wolfspeed & Zoom Video Communications all due to host their earnings calls after the session closes.

Thursday is a little busier, with Initial Jobless Claims at 8:30 am, S&P Flash U.S. Services PMI & S&P Flash U.S. Manufacturing PMI data at 9:45 am & Existing Home Sales at 10 am.

Advance Auto Parts, Bilibili, BJ’s Wholesale, Canadian Solar, Lancaster Colony, Peloton Interactive, Toronto-Dominion Bank, Viking Holdings & Weibo begin Friday’s earnings calls, with Intuit, Alcon, Bill.com, CAVA Group, Ross Stores & Workday all reporting after the session’s closing bell.

Friday features New Homes Sales data at 10 am & Fed Chair Powell is expected to speak at the Jackson Hole retreat & Buckle will report earnings before the session’s opening bell.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM OR DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/16/2024

Highest Technical Rated S&P 500 Components Per 8/16/2024’s Close:

1 – K

2 – NVDA

3 – HWM

4 – AXON

5 – MMM

6 – IRM

7 – FICO

8 – UHS

9 – GDDY

10 – MPWR

Lowest Technical Rated S&P 500 Components Per 8/16/2024’s Close:

1 – INTC

2 – DXCM

3 – WBA

4 – LW

5 – ALB

6 -LULU

7 – MRNA

8 -ABNB

9 – EL

10 – ETSY

Highest Volume Rated S&P 500 Components Per 8/16/2024’s Close:

1 – NDSN

2 – ULTA

3 – PFG

4 – EVRG

5 – PKG

6 – AVB

7 – CDW

8 – DTE

9 – AMCR

10 – LYB

Lowest Volume Rated S&P 500 Components Per 8/16/2024’s Close:

1 – ENPH

2 – IQV

3 – HWM

4 – TEL

5 – ANSS

6 – CRWD

7 – POOL

8 – DAY

9 – DAL

10 – AON

Highest Technical Rated ETFs Per 8/16/2024’s Close:

1 – NVDX

2 – NVDL

3 – NVDU

4 – UTSL

5 – NUGT

6 – USD

7 – DFEN

8 – KOLD

9 – AAPU

10 – GDMN

Lowest Technical Rated ETFs Per 8/16/2024’s Close:

1 – NVDQ

2 – NVD

3 – UVIX

4 – BOIL

5 – NVDS

6 – SSG

7 – LTCN

8 – TSDD

9 – TSLZ

10 – SOXS

Highest Volume Rated ETFs Per 8/16/2024’s Close:

1 – IQSM

2 – HYTR

3 – IGHI

4 – ROOF

5 – MJUS

6 – NSCR

7 – DFVX

8 – ESGB

9 – BNOV

10 – MYLD

Lowest Volume Rated ETFs Per 8/16/2024’s Close:

1 – JANT

2 – GTR

3 – MDLV

4 – CFCV

5 – JPAN

6 – ISEP

7 – SYUS

8 – SHUS

9 – NVBT

10 – QLVE

Highest Technical Rated General Stocks Per 8/16/2024’s Close:

1 – GNS

2 – OCTO

3 – ASTS

4 – LUMN

5 – PSNL

6 – WTO

7 – PLCKF

8 – TSSI

9 – GOVX

10 – CING

Lowest Technical Rated General Stocks Per 8/16/2024’s Close:

1 – MULN

2 – MLGO

3 – DZSI

4 – CNSP

5 – VSEE

6 – VLD

7 – CNTM

8 – SYRS

9 – FAAS

10 – WHLR

Highest Volume Rated General Stocks Per 8/16/2024’s Close:

1 – PGRU

2 – GTEC

3 – OUT

4 – MAMA

5 – SEEL

6 – MSS

7 – LRHC

8 – ALID

9 – VFORF

10 – SNDA

Lowest Volume Rated General Stocks Per 8/16/2024’s Close:

1 – OGCP

2 – GASXF

3 – KLNG

4 – PSYTF

5 – QMCI

6 – DTEGF

7 – DSNY

8 – WLGS

9 – NHYKF

10 – SFES

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/15/2024

Highest Technical Rated S&P 500 Components Per 8/15/2024’s Close:

1 – K

2 – NVDA

3 – HWM

4 – AXON

5 – MMM

6 – IRM

7 – MPWR

8 – GDDY

9 – FICO

10 – UHS

Lowest Technical Rated S&P 500 Components Per 8/15/2024’s Close:

1 – INTC

2 – DXCM

3 – WBA

4 – ALB

5 – LW

6 – LULU

7 – MRNA

8 – EL

9 – ABNB

10 – BBWI

Highest Volume Rated S&P 500 Components Per 8/15/2024’s Close:

1 – ULTA

2 – WMT

3 – TPR

4 – K

5 – CSCO

6 – DE

7 – ALB

8 – AMAT

9 – NKE

10 – APTV

Lowest Volume Rated S&P 500 Components Per 8/15/2024’s Close:

1 – RSG

2 – LDOS

3 – CINF

4 – CHRW

5 – TDY

6 – HES

7 – FSLR

8 – SNA

9 – CHTR

10 – BEN

Highest Technical Rated ETFs Per 8/15/2024’s Close:

1 – NVDX

2 – NVDL

3 – NVDU

4 – USD

5 – UTSL

6 – DFEN

7 – AAPU

8 – FBL

9 – DRN

10 – XTL

Lowest Technical Rated ETFs Per 8/15/2024’s Close:

1 – NVDQ

2 – NVD

3 – UVIX

4 – NVDS

5 – SSG

6 – LTCN

7 – BOIL

8 – SOXS

9 – TSDD

10 – TSLZ

Highest Volume Rated ETFs Per 8/15/2024’s Close:

1 – SIO

2 – NPFI

3 – TOLL

4 – USNZ

5 – IQQQ

6 – XHYI

7 – XOCT

8 – GOLY

9 – XYLE

10 – RHCB

Lowest Volume Rated ETFs Per 8/15/2024’s Close:

1 – APRH

2 – GGUS

3 – JULQ

4 – XFIX

5 – APRD

6 – NUSB

7 – IDEC

8 – SYUS

9 – MVFD

10 – DBEH

Highest Technical Rated General Stocks Per 8/15/2024’s Close:

1 – PRTG

2 – ASTS

3 – LUMN

4 – WTO

5 – GNLN

6 – PSNL

7 – MDIA

8 – ADD

9 – TSSI

10 – RCAT

Lowest Technical Rated General Stocks Per 8/15/2024’s Close:

1 – SYTA

2 – TGL

3 – GRI

4 – VLCN

5 – GNPX

6 – RILY

7 – PITA

8 – QXO

9 – VLD

10 – WHLR

Highest Volume Rated General Stocks Per 8/15/2024’s Close:

1 – CING

2 – TWO

3 – VSME

4 – TPST

5 – PRTG

6 – WHLR

7 – TSBX

8 – GTEC

9 – LUGDF

10 – ARAY

Lowest Volume Rated General Stocks Per 8/15/2024’s Close:

1 – ZCMD

2 – PTRUF

3 – CULL

4 – BEDU

5 – LEDS

6 – SCZC

7 – BRVMF

8 – MYTAY

9 – GENGF

10 – VS

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/14/2024

Highest Technical Rated S&P 500 Components Per 8/14/2024’s Close:

1 – K

2 – FICO

3 – AXON

4 – IRM

5 – HWM

6 – MMM

7 – NVDA

8 – GDDY

9 – UHS

10 – TRGP

Lowest Technical Rated S&P 500 Components Per 8/14/2024’s Close:

1 – INTC

2 – DXCM

3 – ALB

4 – WBA

5 – LW

6 – LULU

7 – MRNA

8 – EL

9 -BBWI

10 – ETSY

Highest Volume Rated S&P 500 Components Per 8/14/2024’s Close:

1 – K

2 – SBUX

3 – BR

4 – CAH

5 – OXY

6 – SCHW

7 – CMG

8 – XEL

9 – GOOGL

10 – MS

Lowest Volume Rated S&P 500 Components Per 8/14/2024’s Close:

1 – WST

2 – EA

3 – RSG

4 – CTSH

5 – ENPH

6 – LW

7 – CI

8 – HUM

9 – GPC

10 – UDR

Highest Technical Rated ETFs Per 8/14/2024’s Close:

1 – NVDX

2 – NVDL

3 – NVDU

4 – ZCSH

5 – UTSL

6 – DRN

7 – DFEN

8 – AAPU

9 – UPW

10 – NUGT

Lowest Technical Rated ETFs Per 8/14/2024’s Close:

1 – NVDQ

2 – NVD

3 – UVIX

4 – LTCN

5 – NVDS

6 – MRNY

7 – BOIL

8 – EVAV

9 – SSG

10 – UVXY

Highest Volume Rated ETFs Per 8/14/2024’s Close:

1 – LUX

2 – SIXJ

3 – BFEB

4 – PJFM

5 – ESMV

6 – USCF

7 – REZ

8 – SBB

9 – CVMC

10 – MARW

Lowest Volume Rated ETFs Per 8/14/2024’s Close:

1 – UNIY

2 – MDLV

3 – CARK

4 – EOCT

5 – XFIX

6 – ISDB

7 – EMIF

8 – ISEP

9 – SYUS

10 – ATFV

Highest Technical Rated General Stocks Per 8/14/2024’s Close:

1 – GNLN

2 – LUMN

3 – MDIA

4 – WTO

5 – ADD

6 – ASTS

7 – PSNL

8 – RCAT

9 – HROW

10 -CLOV

Lowest Technical Rated General Stocks Per 8/14/2024’s Close:

1 – SPWR

2 – MULN

3 – LTM

4 – CING

5 – PITA

6 – VLCN

7 – QXO

8 – TANH

9 – VSEE

10 – WHLR

Highest Volume Rated General Stocks Per 8/14/2024’s Close:

1 – ALBT

2 – DGLY

3 – MAMA

4 – EDBL

5 – BURU

6 – REBN

7 – BCG

8 – BYU

9 – VRCA

10 – SIGA

Lowest Volume Rated General Stocks Per 8/14/2024’s Close:

1 – FISB

2 – AMBO

3 – LGCB

4 – IFNNF

5 – AWX

6 – PSYTF

7 – ONFO

8 – ERLFF

9 – VHIBF

10 – WINT

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/13/2024

Highest Technical Rated S&P 500 Components Per 8/13/2024’s Close:

1 – FICO

2 – AXON

3 – K

4 – HWM

5 – GDDY

6 – UHS

7 – NVDA

8 – MHK

9 – TYL

10 – NRG

Lowest Technical Rated S&P 500 Components Per 8/13/2024’s Close:

1 – INTC

2 – DXCM

3 – WBA

4 – ALB

5 – LW

6 – LULU

7 – MRNA

8 – EL

9 -BBWI

10 – DLTR

Highest Volume Rated S&P 500 Components Per 8/13/2024’s Close:

1 – SBUX

2 – CMG

3 – OXY

4 – AMT

5 – EL

6 -BAX

7 -HD

8 – KEY

9 – NKE

10 – BR

Lowest Volume Rated S&P 500 Components Per 8/13/2024’s Close:

1 – UDR

2 – APD

3 – HUM

4 – MKC

5 – ELV

6 – GPC

7 – CHTR

8 – CTSH

9 – BXP

10 – ENPH

Highest Technical Rated ETFs Per 8/13/2024’s Close:

1 – ZCSG

2 – NVDX

3 – NVDL

4 – UTSL

5 – NVDU

6 – DRN

7 – NUGT

8 – AAPU

9 – DFEN

10 – GDMN

Lowest Technical Rated ETFs Per 8/13/2024’s Close:

1 – NVDQ

2 – NVD

3 – UVIX

4 – BOIL

5 – MRNY

6 – LTCN

7 – NVDS

8 – SSG

9 – EVAV

10 – TSDD

Highest Volume Rated ETFs Per 8/13/2024’s Close:

1 – FPXE

2 – GDOC

3 – PSCE

4 – NUSB

5 – SWAN

6 – DYNI

7 – LKOR

8 – HYRM

9 – IQDE

10 – HYZD

Lowest Volume Rated ETFs Per 8/13/2024’s Close:

1 – PSMJ

2 – TEMP

3 – LSGR

4 – GGUS

5 – ISDB

6 – FHYS

7 – RYSE

8 – SYUS

9 – PSCX

10 – SHUS

Highest Technical Rated General Stocks Per 8/13/2024’s Close:

1 – LUMN

2 – ADD

3 – WTO

4 – MDIA

5 – PSNL

6 – ASTS

7 – TBRIF

8 – CALA

9 – GNLN

10 – RCAT

Lowest Technical Rated General Stocks Per 8/13/2024’s Close:

1 – SPWR

2 – LTM

3 – SYTA

4 – PITA

5 – SBFM

6 – VLCN

7 – QXO

8 – VSEE

9 – WHLR

10 – CING

Highest Volume Rated General Stocks Per 8/13/2024’s Close:

1 – ELWS

2 – CXAI

3 – APLM

4 – VEV

5 – FRZA

6 – DGLY

7 – WKEY

8 – GNPX

9 – PMD

10 – GCTS

Lowest Volume Rated General Stocks Per 8/13/2024’s Close:

1 – GLGI

2 – BETRF

3 – AZREF

4 – BTSGU

5 – IPOOF

6 – CPOP

7 – JWEL

8 – JCSE

9 – AMBZ

10 – SCNI

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Daily VolTech Stock & ETF Volume & Technical Ratings 8/12/2024

Highest Technical Rated S&P 500 Components Per 8/12/2024’s Close:

1 – IRM

2 – AXON

3 – K

4 – HWM

5 – FICO

6 – MMM

7 – GDDY

8 – UHS

9 – MHK

10 – TYL

Lowest Technical Rated S&P 500 Components Per 8/12/2024’s Close:

1 – INTC

2 – WBA

3 – DXCM

4 – ALB

5 – LW

6 – MRNA

7 – LULU

8 – EL

9 – SMCI

10 – WBD

Highest Volume Rated S&P 500 Components Per 8/12/2024’s Close:

1 – V

2 – KEY

3 – HSIC

4 – CRL

5 – NVR

6 – LUV

7 – CAG

8 – TRMB

9 – AME

10 – EL

Lowest Volume Rated S&P 500 Components Per 8/12/2024’s Close:

1 – HUM

2 – IP

3 – CINF

4 – NOW

5 – ANET

6 – TER

7 – DOV

8 – DD

9 – ENPH

10 – CTLT

Highest Technical Rated ETFs Per 8/12/2024’s Close:

1 – ZCSH

2 – UTSL

3 – SARK

4 – DRN

5 – GDMN

6 – NUGT

7 – UPW

8 – DFEN

9 – UGL

10 – RING

Lowest Technical Rated ETFs Per 8/12/2024’s Close:

1 – NVDQ

2 – NVD

3 – LTCN

4 – EVAV

5 – BOIL

6 – SVIX

7 – UVIX

8 – MEXX

9 – MSOX

10 – CONL

Highest Volume Rated ETFs Per 8/12/2024’s Close:

1 – RHCB

2 – BLDG

3 – GVLU

4 – FUSI

5 – PNOV

6 – KAPR

7 – POCT

8 – PIT

9 – SOF

10 – CGCB

Lowest Volume Rated ETFs Per 8/12/2024’s Close:

1 – UNIY

2 – FDTB

3 – NCPB

4 – GVUS

5 – CPII

6 – PPIE

7 – PSCW

8 – SHUS

9 – PSCX

10 – SHUS

Highest Technical Rated General Stocks Per 8/12/2024’s Close:

1 – ADD

2 – GNLN

3 – WTO

4 – LUMN

5 – MDIA

6 – LASE

7 – CALA

8 – ASTS

9 – PSNL

10 – TBRIF

Lowest Technical Rated General Stocks Per 8/12/2024’s Close:

1 – LTM

2 – SYTA

3 – CGBS

4 – QXO

5 – SBFM

6 – PITA

7 – VLCN

8 – ANTX

9 – HLVX

10 – ELEV

Highest Volume Rated General Stocks Per 8/12/2024’s Close:

1 – WHLR

2 – GNLN

3 – SLG

4 – DPRO

5 – LGMK

6 – ENTO

7 – TRNR

8 – CNFR

9 – STIM

10 – SXTP

Lowest Volume Rated General Stocks Per 8/12/2024’s Close:

1 – KLNG

2 – BANL

3 – FWEDF

4 – AAUKF

5 – BTSGU

6 – LFGP

7 – BCOW

8 – BAOS

9 – YIBO

10 – RHE

*** THE LIST ABOVE IS STRICTLY FOR INFORMATIONAL PURPOSES – I MAY OR MAY NOT HAVE OR INITIATE A LONG, SHORT, OR LONG/SHORT POSITION IN ANY NAME ABOVE AT ANY TIME ***

Weekly Stock & ETF Market Review 8/11/2024

SPY, the SPDR S&P 500 ETF barely budged last week despite volumes returning, as it gained +0.02% for the week, while the VIX closed at 20.37, indicating an implied one day movement of +/-1.28% & a one month implied move of +/-5.89%.

SPY ETF - SPDR S&P 500 ETF's Technical Performance Over The Past Year
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year

Their RSI is trending back towards the neutral level of 50 & currently sits at 45.29, while their MACD is still bearish, but is moving towards the signal line.

SPY’s MACD will be an area to keep a watch on this week, as the histogram reading is still not showing weakness relative to other days since it’s bearish crossover & the past Tuesday, Thursday & Friday’s bullish sessions are n0t convincing of strength, meaning that the MACD line may not reach the signal line next week to cross over bullishly.

Volumes were +16.58% above average last week compared to the prior year (82,123,380 vs. 70,443,801), which was a welcome change after months of subpar weekly volumes.

It should be noted though that due to the months of below average volume since April enough of that calculation has changed that the annual average volume today is -9.54% compared to what it was in March 31, 2024’s Market Review note (77,829,780 vs. 70,443,801 today), which means that there is still a lot of caution being taken & a lack of confidence.

Last week we noted that volumes would be the determining factor in how to read last week’s trade & think of what direction the market may venture in next & seeing this still relatively weak volume in a week with three bullish sessions is cause for concern.

Monday kicked the week off on a gloomy note, with a ~4% gap down on the highest volume of the past 52-weeks.

While the silver lining is that there was a recovery of sorts during the session & the day closed higher than it opened, the bulls proved to be nowhere near in control at any point of the day.

It did manage to open up the opportunity for SPY to climb in the short-term after the steep decline for a few sessions to enable their oscillators & indicators to recalibrate before the day of reckoning with the 10 day moving average’s resistance comes.

Tuesday saw the week’s second highest volume on an advancing day, but had there been a prior uptrend before it the candle may also be judged as a shooting star (bearish), as much like Monday, Tuesday’s SPY candle had an even longer upper shadow, signaling that the bulls were yet again not in control.

Wednesday threw a bit of a head-fake, gapping up on the open & testing higher before ultimately crashing down on a wide-range day between the open & closing price that resulted in a bearish decline that closed below Tuesday’s open.

While Tuesday had higher volume than Wednesday, Wednesday had the third highest volume of the week & bearishly engulfed Tuesday’s candle in a dramatic fashion, indicating that there is hunger both higher & lower than Tuesday’s price action for SPY.

This brings us to where I’ve been telling people for the past week to pay attention to, what happens once price gets a scent of the 10 DMA’s resistance.

Thursday managed to open mid-way through Wednesday’s candle’s real body range, but was unable to at any point in time trade above Wednesday’s high price & volume began to look like the “above average” days of the past few months, which as noted before were very weak in terms of volume.

Friday told an even gloomier tale, as prices opened at about the close of Thursday’s session, & stated in a relatively tight range below the 10 DMA (although they did briefly tick above it, but not by much).

Friday’s volume was also towards the low end of the past few month’s daily volume readings, which is not a reason for excitement heading into a new week, particularly with earnings from Home Depot & Walmart that will shed light into the state of U.S. consumers, but also PPI (Tuesday) & CPI (Wednesday) which will give more clarity about the state of US inflation.

While the day did not end in a spinning top, the small range of the day’s real body still tells a tale of uncertainty on the part of market participants.

The tight nature of the week’s ascent is also something to note, as it does not paint a picture of strength, but rather more of one of uncertainty, some covering & rebalancing & perhaps a few small profit squeezes.

Last week’s message about the importance of volume carries over into this week as well & will remain more important than daily price changes in the near-term, especially given the important data just mentioned above that we will be getting regarding the strength of consumers.

Lower participation when the price is below the 10 & 50 DMA’s resistance is a recipe for continued declines, or a consolidation within the range of Wednesday’s real body in the event of decent enough news/earnings results or for more, steeper declines in the event of poor results.

Another area to keep an eye on this week is the $525-529.99 price range, as it historically over the past 1-2 years has been dominated by Buyers at a rate of 5.6:1, but currently has no support levels in that window.

While buyers have often come out in droves here, it has no foothold in terms of support levels, making the $522.92 the next level of support (once $531.35/share is passed through).

This may be problematic as Sellers have dominated that area 1.38:1 over the same time period, and with the exception of $515-519.99, the rest of the way down to $496/share is either even 1:1 ($510-514.99/share) else seller dominated until $495.99/share.

Should $565.16/share be the head of a bearish head & shoulders forming, that would match the math & length of time between the left shoulder & the head where there are support levels at $497.94 & $492.27).

To reach the lower of those two support levels would be a decline of ~7.6% from where Friday closed.

It will also be worth keeping an eye on SPY’s Average True Range to see if the range becomes expanded in the face of more volatility.

As for the upside, the $540-544.99/share range is seller dominated 1.22:1 in the past 1-2 years, which is where the 50 day moving average’s resistance currently sits.

Should prices break above the 10 DMA & become wedged between the 10 & 50 DMAs the volume levels of each day in relation to their move will also be the telltale as to where things may be heading in the near-term & be just as important to watch as if in decline.

SPY has support at the $531.35 (Volume Sentiment: Buyers, 1.5:1), $522.92 (Volume Sentiment: Sellers, 1.38:1), $516.69 (Volume Sentiment: Buyers, 2.35:1) & $510.27/share (Volume Sentiment: Even, 1:1) price levels, with resistance at the $533.53 (10 Day Moving Average, Volume Sentiment: Buyers, 1.5:1), $537.45 (Volume Sentiment: Buyers, 0.7:0*), $542.71 (50 Day Moving Average, Volume Sentiment: Sellers, 1.22:1) & $554.87/share (Volume Sentiment: Buyers, 2:1) price levels.

SPY ETF's Price Level:Volume Sentiment Over The Past 1-2 Years
SPY ETF’s Price Level:Volume Sentiment Over The Past 1-2 Years

QQQ, the Invesco QQQ Trust ETF that tracks the NASQAQ 1000, fared slightly better than SPY & closed the week up +0.37% as the top two performing indexes of the week more or less tread water.

QQQ ETF - Invesco QQQ Trust ETF's Technical Performance Over The Past Year
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year

Their RSI is trending back towards the neutral level of 50 & is currently at 42.62, while their MACD is similar to SPYs; bearish but based on the histogram it is uncertain as to whether or not the MACD line will actually cross bullishly over the signal line in the near-term.

Volumes were +29.64% above average last week compared to the previous year’s average volume (57,400,080 vs. 44,277,827), but much like SPY this doesn’t matter much, as using the 3/31/2024 article data their average volume has declined by -10.1% (was 49,253,412).

QQQ’s chart reads heavily similar to SPY’s, which is to be expected as the really on major difference over the past year has been that SPY ascended more rapidly & as a result has enjoyed having more local support levels than SPY, but for the most part they’ve behaved very similarly.

One major area of difference though that should be considered is that Monday’s gap down open was below QQQ’s 200 day moving average, indicating a severe lack of confidence in the index.

This is important as it signals both the clear lack of confidence in the NASDAQ 100 component companies, but also historically once that’s been crossed over via a daily candle chart in almost all instances that has predicted future near-term declines (using past decade chart).

With this in mind, the volumes will continue to be an area of keen focus for the coming week with QQQ.

Given how the rest of the week for QQQ was almost a mirror or SPY in terms of the volume & candlesticks I’ll spare the deep dive to focus on QQQ’s 10, 50 & 200 day moving averages.

QQQ’s 200 day moving average has a solid wall of buyers to keeping the price floated above it, but the strongest price level is $444-447.99/share, which places a spotlight on the $448.63/share support level, as if it breaks down there are no support levels in that price zone (where over the past 1-2 years Buyers have overpowered sellers 11.5:1).

Should that break down, we will at least see the 10 DMA bearishly cross the 200 DMA, if not a death cross of the 50 DMA also passing through it to the down side.

This week will be all about the volume again though, but the relationship between prices & these moving averages will also be more important than they were in last week’s note.

Their Average True Range has begun to turn down in the wake of last week’s “recovery” from Monday’s gap down, but in the face of higher volatility it will be worth noting how much higher it goes from here, as the high end of its range will need to expand.

QQQ has support at the $448.63 (Volume Sentiment: Sellers, 2.3:0*), $442.35 (Volume Sentiment: Buyers, 1.76:1), $437.86 (Volume Sentiment: Buyers, 1.25:1) & $430.58/share (200 Day Moving Average, Volume Sentiment: Buyers, 1.77:1) price levels, with resistance at the $450.91 (10 Day Moving Average, Volume Sentiment: Sellers, 2.3:0*), $459.85 (Volume Sentiment: Buyers, 0.9:0*), $472.07 (50 Day Moving Average, Volume Sentiment: Buyers, 2.5:1) & $475.55/share (Volume Sentiment: Buyers, 2.5:1) price levels.

QQQ ETF's Price Level:Volume Sentiment Over The Past ~2 Years
QQQ ETF’s Price Level:Volume Sentiment Over The Past ~2 Years

IWM, the iShares Russell 2000 ETF declined -1.18% last week, faring the worst of the major four index ETFs, as market participants shied away from small cap names.

IWM ETF - iShares Russell 2000 ETF's Technical Performance Over The Past Year
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year

Their RSI is at 44.27 & currently sits flat in the wake of the declines of the past two weeks, while their MACD is bearish, and in a similar position to SPY’s & QQQ’s in terms of histogram bearish strength & the MACD line’s distance from the signal line being too far off to tell if there will be a bullish crossover or not.

Volumes were +3.02% above average compared to the previous year (36,169,400 vs. 35,108,235), which is interesting as unlike SPY & QQQ, IWM’s average volume has increased by +2.43% (34,276,900) since the 3/31/2024 post.

This has been heavily influenced by the high volumes IWM has experienced since mid-July, but is still worth noting given the other differences between the way SPY & QQQ have traded over the past year vs. IWM & DIA.

One interesting thing of note for IWM compared to QQQ is that Monday opened in a similar fashion in terms of a gap down, but the session’s low was supported by the 200 day moving average & then continued higher throughout the week until Wednesday it opened at the 50 day moving average’s resistance & took a similar tumble as the other major index ETFs.

Tuesday’s high wave candle also did not even come near the 50 DMA’s resistance on the upper shadow, indicating that there is still likely more appetite to the downside.

Thursday’s candle formed a bullish harami pattern with Wednesday’s previous wide-range bearish engulfing pattern, which based on the close being the high (or close to high, based on upper shadow) of the day & Friday’s hanging man candle seems to have been a false bullish flag.

Volumes were inconsistent though, as while three of the five sessions of the week were bearish, Friday’s risk-off into the weekend low volume hanging man candle is certainly a head scratcher for the coming week.

By Wednesday the 10 DMA will likely have crossed bearishly through the 50 DMA, which will cause both to put downward resistance pressure on IWM & begin to push its price into the support of the 200 DMA & the $196.70-198.60 support zone that has been established in 2024.

Another thing to note regarding IWM’s current price level is that the lower end of the range that they have oscillated around in for most of 2024 to date is currently ~9.7% below Friday’s closing price.

Support levels between the two prices are mostly in favor of the buyers, but should prices dip down into the $192-193.99/share level it will be a time to take caution, as over the past 1-2 years this range has been dominated by the Sellers at a rate of 3.79:1.

The good news is that if that $186.53 support level is tested, Buyers have been stronger than Sellers in that $186-187.99 range, at a rate of 4:1, although if that test comes there will be other considerations to take based on where moving averages are in relation to one another & price.

IWM has support at the $204.40 (Volume Sentiment: Buyers, 1.97:1), $202.47 (Volume Sentiment: Buyers, 1.13:1), $198.60 (Volume Sentiment: Buyers, 2.08:1) & $197.41/share (Volume Sentiment: Buyers, 1.25:1) price levels, with resistance at the $207.87 (50 Day Moving Average, Volume Sentiment: Buyers, 1.97:1), $209.19 (Volume Sentiment: Buyers, 2.4:0*), $209.29 (Volume Sentiment: Buyers, 2.4:0*) & $211.29/share (Volume Sentiment: Buyers, 2.4:0*) price levels.

IWM ETF's Price Level:Volume Sentiment Over The Past ~2 Years
IWM ETF’s Price Level:Volume Sentiment Over The Past ~2 Years

DIA, the SPDR Dow Jones Industrial Average ETF dipped -0.5% last week, having the second worst week of the major four index ETFs.

DIA ETF - SPDR Dow Jones Industrial Average ETF's Technical Performance Over The Past Year
DIA ETF – SPDR Dow Jones Industrial Average ETF’s Technical Performance Over The Past Year

Their RSI is flat like IWM’s, while sitting just below the neutral 50 mark & is currently at 47.4, while their MACD is in a similar boat to IWM’s as well, but slightly more horizontal.

Volumes were +29.8% above the prior year’s average volume (4,616,180 vs. 3,556,496), which like IWM is higher than their average annual volume reading from 3/31/2024 by +4.45% (3,405,069 from 3/31/2024).

This can also be largely attributed to the past month & a half’s performance, although DIA’s volume was one of the more consistent of the major four indexes over the past handful of months, as investors & traders showed favor to blue chip names.

One thing of interest for DIA that did not impact the other three indexes is that last week began & ended on notes of uncertainty, with spinning tops for both Monday & Friday’s session.

Monday’s volume towered over the rest of the week’s though, with Thursday having the lowest volume, followed by Friday.

Tuesday’s candle was a clear indicator that the bulls were not in charge & likely will not be heading into this coming week, as prices were able to advance up to the 50 day moving average before retreating back down to settle near $390/share.

Wednesday’s candle was not a bearish engulfing candle as it closed ~$0.20 above Tuesday’s open, but the similar levels of volume between the two days indicated that there was heavy profit taking.

Wednesday’s session also flirted with the 50 DMA but was unable to close anywhere near it, as investors hopped out of the pool.

Thursday opened in the middle of Wednesday’s price range & was able to close at the 50 DMA, setting up Friday to open the session on the 50 DMA.

While Friday was able to advance +0.16%, the low volume signals that the strength of the support at the 50 DMA is questionable at this time, despite the $392-395.99/share price level being Buyer dominated at a rate of 2.6:1 over the past few years.

DIA has a similar setup for support as IWM’s in terms of spending most of 2024 oscillating around a price range, making their near-term volumes even more important than usual, as market participants will be what determines the strength or weakness of these support & resistance levels.

Their 10 day moving average will likely cross over their 50 day moving average by mid-week bearishly, which will also apply downwards pressure on prices, but whether it will be outright declines due to bad data/earnings or a more gentle consolidation within the real body range of Wednesday’s candle has yet to be seen.

DIA has support at the $394.45 (50 Day Moving Average, Volume Sentiment: Buyers, 2.6:1), $390.85 (Volume Sentiment: Buyers, 1.67:1), $390.05 (Volume Sentiment: Buyers, 1.67:1) & $386.04/share (Volume Sentiment: Buyers, 1.05:1) price levels, with resistance at the $395.40 (Volume Sentiment: Buyers, 2.6:1), $396.94 (Volume Sentiment: Buyers, 2.6:1), $397.60 (Volume Sentiment: Buyers, 2.6:1) & $399.64/share (Volume Sentiment: Buyers, 2.6:1) price levels.

DIA ETF's Price Level:Volume Sentiment Over The Past 3-4 Years
DIA ETF’s Price Level:Volume Sentiment Over The Past 3-4 Years

The Week Ahead

Monday starts off on a quiet note in terms of economic data, with the Monthly U.S. Federal Budget data at 2pm.

Ballard Power, Esperion Therapeutics, Fortrea, KE Holdings & Monday.com all report earnings before Monday’s opening bell, followed by Alcon, DHT, Kodiak Gas Services, PACS Group & Rumble after the session’s close.

NFIB Optimism Index data is released Tuesday morning at 6 am, followed by Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year data at 8:30 am.

Tuesday morning begins with earnings from Home Depot, Hudbay Minerals, Hut 8 Mining, HUYA, IHS Holding Limited, James Hardie, Loar Holdings, Melco Resorts & Entertainment, Mersana Therapeutics, MSG Sports, ON Semiconductor, Paysafe, Sea Limited, Sun Life, Talen Energy & Tencent Music, with Duos Technologies Group, Franco-Nevada, Ibotta, Intapp, Kyverna Therapeutics, Mercury, NCR Atleos, NeuroPace, Nu Holdings, U.S. Physical Therapy & XP all reporting after the session’s close.

Wednesday morning at 8:30 am brings us Consumer Price Index, CPI Year-over-Year, Core CPI & Core CPI Year-over-Year.

Arcos Dorados, Brinker International, CAE, Cardinal Health, Dole, Global-E Online, Marex Group, Performance Food Group, Riskified, SFL Corp, Smith Douglas Homes, UBS & Workhorse Group are due to report earnings Wednesday morning, with Cisco Systems, dLocal Limited, Lumentum, Paycor & StoneCo all due to report after the closing bell.

Initial Jobless Claims, Empire State Manufacturing Survey, Philadelphia Fed Manufacturing Survey, U.S. Retail Sales, Retail Sales minus Autos, Import Price Index & Import Price Index Minus Fuel data are all released at 8:30 am on Thursday, Industrial Production & Capacity Utilization data are announced at 9:15 am & Business Inventories data is released at 10 am.

Thursday morning’s earnings calls include Walmart, Alibaba Group Holding, Applied Industrial, Cellebrite, Grab Holdings, NICE, SpartanNash & Tapestry, before Amcor, Applied Materials, Coherent, H & R Block & Ross Stores report after the closing bell.

Friday morning kicks off with Housing Starts & Building Permits data at 8:30 am, followed by Consumer Sentiment (prelim) & Home Builder Confidence Index data at 10 am.

Flower Foods & CI&T report earnings Friday before the opening bell.

See you back here next week!

*** I DO NOT OWN SHARE OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM OR DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***