VIS, the Vanguard Industrials ETF has advanced +20.48% over the past year, climbing +33.23% from their 52-week low in October of 2023 & currently sits only -3.44% below their 52-week high from August of 2024 (ex-distributions).
While they haven’t taken off the same as the high flying semiconductor & A.I. names, they provide key products & services that will be used during the infrastructure build up to support data centers, as well as a number of other every day items that are important.
Some of VIS’s top holdings include GE (3.57%), CAT (3.31%), RTX (2.99%), UNP (2.88%), HON (2.56%), ETN (2.34%), UBER (2.32%), LMT (2.25%), BA (2.12%) & ADP (2.07%).
However, when the Federal Reserve announces that they’ll begin cutting interest rates next week there is risk that VIS & its component stocks will begin to go down, making it important to understand the strength of their support & resistance levels.
Below is a brief review of VIS’s recent technical performance, followed by the volume sentiments for each of the price levels that they have traded at over the past 2-3 years, in order to have an idea as to how they may behave again at these levels.
It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence on VIS.
Technical Analysis Of VIS, The Vanguard Industrials ETF
VIS ETF – Vanguard Industrials ETF’s Technical Performance Over The Past Year
Their RSI is just below the neutral mark of 50 & sits at 49.78, while their MACD is bearish, but curling towards the signal line.
Volumes were +32.35% above average this past week compared to the year prior’s average (118,640 vs. 89,641.55), most due to yesterday’s heavy advancing volume session.
Last week began on the same sour note for VIS as it did for the major market indexes (see: this week’s weekly market review note), as prices broke down & through the support of the 10 day moving average setting up their bearish MACD crossover.
Wednesday the bearishness continued, as the day’s session ended with a gravestone doji, indicating that there was indecision in the air, but still a largely bearish sentiment.
Bleeding for VIS continued into Thursday, as prices continued to decline, but were supported by the 50 day moving average.
Friday he beating continued, as VIS opened lower, was able to test higher through most of Thursday’s range, but ultimately it was a risk-off into the weekend day & the support of the 50 day moving average was broken & the session closed beneath it.
Monday of this week saw a change of fate as bulls rushed back into the market & saw an advancing session for VIS, but the length of the candle’s upper shadow should be a cause for concern as it shows that there was not much confidence to the upside.
The 50 DMA’s support was not tested on Monday, but the candle’s lower shadow came close.
Yesterday resulted in an advancing session for +0.19%, but it came with caution lights flashing, as they day ended with a hanging man candle that closed lower than it opened (bearish implications), both of which negate the bullish implications of the heavy advancing volume.
Heading into this week it will be interesting to see how long the support of the 50 DMA holds up & is able to keep prices moving forward into the closing dome cover of resistance formed by the 10 DMA.
It should be anticipated that prices will not remain above it in the coming days & that the support zone between $239.09-240.32 will then be tested upon the 50 DMA breaking down.
Should this happen it will be cause for concern, as the price levels from $232-239.99 are Seller dominated over the past 2-3 years (1.5:1 & 1.03:1).
This would lead to a test of the 200 day moving average’s support & the support zone from $230.64-231.71, which has been dominated by Buyers 4.33:1 in that same time period.
With that in mind, the next section outlines the volume sentiments for each price level VIS has traded at over the past 2-3 years & the current price level, moving averages & support/resistance levels are also noted.
Price Level:Volume Sentiment Analysis Of VIS, The Vanguard Industrials ETF
The top table below shows the support & resistance levels of VIS from the past year’s chart, as well as their price level:volume sentiment at each, using Tuesday 9/10/24’s closing price.
The moving averages are denoted with bold.
The next charts show the volume sentiment at each individual price level VIS has traded at over the past 2-3 years.
Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.
All ratios with “0” in the denominator are denoted with a “*”.
NULL values are price levels that had limited trading volume, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.
This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on VIS ETF.
VIS ETF’s Price Level:Volume Sentiment Over The Past 2-3 Years At One Year Support & Resistance Points
VIS ETF’s Price Level:Volume Sentiment Over The Past 2-3 Years
Price Level:Volume Sentiment For VIS ETF Over The Past 2-3 Years
VIS ETF’s Price Level:Volume Sentiment Over The Past 2-3 Years
$256 – NULL – 0:0*, +4.83% From Current Price Level
$252 – NULL – 0:0*, +3.19% From Current Price Level
$248 – Buyers – 0.2:0*, +1.56% From Current Price Level
$244 – Buyers – 1.5:1, -0.08% From Current Price Level – Current Price Level & 10 Day Moving Average**
$240 – Buyers – 2.1:1, -1.72% From Current Price Level – 50 Day Moving Average*
$236 – Sellers – 1.5:1, -3.36% From Current Price Level
$232 – Sellers – 1.03:1, -5% From Current Price Level
$228 – Buyers – 4.33:1, -6.63% From Current Price Level – 200 Day Moving Average*
$224 – Buyers – 3.67:1, -8.27% From Current Price Level
$220 – Buyers – 1.13:1, -9.91% From Current Price Level
$216 – Buyers – 1.35:1, -11.55% From Current Price Level
$212 – Sellers – 1.18:1, -13.19% From Current Price Level
$208 – Buyers – 13:1, -14.82% From Current Price Level
$204 – Buyers – 1.46:1, -16.46% From Current Price Level
$200 – Buyers – 1.27:1, -18.1% From Current Price Level
$198 – Buyers – 1.08:1, -18.92% From Current Price Level
$196 – Sellers – 1.13:1, -19.74% From Current Price Level
$194 – Buyers – 1.95:1, -20.56% From Current Price Level
$192 – Buyers – 1.86:1, -21.38% From Current Price Level
$190 – Buyers – 1.26:1, -22.19% From Current Price Level
$188 – Buyers – 1.21:1, -23.01% From Current Price Level
$186 – Buyers – 1.38:1, -23.83% From Current Price Level
$184 – Buyers – 1.75:1, -24.65% From Current Price Level
$182 – Buyers – 2.02:1, -25.47% From Current Price Level
$180 – Sellers – 2.75:1, -26.29% From Current Price Level
$178 – Sellers – 1.65:1, -27.11% From Current Price Level
$176 – Sellers – 1.75:1, -27.93% From Current Price Level
$174 – Buyers – 1.47:1, -28.75% From Current Price Level
$172 – Sellers – 1.75:1, -29.57% From Current Price Level
$170 – Even – 1:1, -30.38% From Current Price Level
$168 – Buyers – 1.11:1, -31.2% From Current Price Level
$166 – Sellers – 4.4:1, -32.02% From Current Price Level
$164 – Sellers – 1.6:1, -32.84% From Current Price Level
$162 – Buyers – 1.13:1, -33.66% From Current Price Level
$160 – Buyers – 5.33:1, -34.48% From Current Price Level
$158 – Sellers – 1.59:1, -35.3% From Current Price Level
$156 – Sellers – 3.17:1, -36.12% From Current Price Level
$154 – Sellers – 11.33:1, -36.94% From Current Price Level
$152 – NULL – 0:0*, -37.76% From Current Price Level
*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN VIS AT THE TIME OF PUBLISHING THIS ARTICLE ***
The VIX closed at 19.08, indicating an implied one day move of +/-1.2% & an implied one month move of +/-5.51%.
Highest Technical Rated S&P 500 Components Per 9/10/2024’s Close:
1 – IRM
2 – K
3 – VTR
4 – WELL
5 – RMD
6 – MMM
7 – FICO
8 – ORCL
9 – PSA
10 – PM
Lowest Technical Rated S&P 500 Components Per 9/10/2024’s Close:
1 – DLTR
2 – SMCI
3 – INTC
4 – DG
5 – WBA
6 – DXCM
7 – BBWI
8 – EL
9 – ALB
10 – LULU
Highest Volume Rated S&P 500 Components Per 9/10/2024’s Close:
1 – ORCL
2 – HPE
3 – JPM
4 – COF
5 – FANG
6 – SYF
7 – EIX
8 – IQV
9 – DFS
10 – HSIC
Lowest Volume Rated S&P 500 Components Per 9/10/2024’s Close:
1 – CRWD
2 – NRG
3 – TER
4 – HUBB
5 – SBUX
6 – CVS
7 – O
8 – CMG
9 – AXON
10 – VST
Highest Technical Rated ETFs Per 9/10/2024’s Close:
1 – DRN
2 – UTSL
3 – URE
4 – SCO
5 – DRIP
6 – UPW
7 – TMF
8 – KOLD
9 – NAIL
10 – REZ
Lowest Technical Rated ETFs Per 9/10/2024’s Close:
1 – CONL
2 – GXLM
3 – MEXX
4 – LTCN
5 – CONY
6 – NVDQ
7 – NVD
8 – TSDD
9 – TSLZ
10 – BOIL
Highest Volume Rated ETFs Per 9/10/2024’s Close:
1 – NUSB
2 – WABF
3 – FLCO
4 – IPOS
5 – MKAM
6 – XHYI
7 – EEMV
8 – BCUS
9 – PPA
10 – XSMO
Lowest Volume Rated ETFs Per 9/10/2024’s Close:
1 – XNOV
2 – XLSR
3 – AMDY
4 – OCTJ
5 – AVGE
6 – DCOR
7 – RPV
8 – IBTL
9 – TAGS
10 – DIVZ
Highest Technical Rated General Stocks Per 9/10/2024’s Close:
1 – RAASY
2 – LASE
3 – SMMT
4 – QH
5 – GDC
6 – TSSI
7 – NEON
8 – PRKR
9 – SICP
10 – PSNL
Lowest Technical Rated General Stocks Per 9/10/2024’s Close:
1 – SING
2 – EGIO
3 – PEGY
4 – NDRA
5 – MLGO
6 – VTAK
7 – LTM
8 – SYTA
9 – IVP
10 – ASTI
Highest Volume Rated General Stocks Per 9/10/2024’s Close:
1 – BKYI
2 – QH
3 – OUT
4 – QNRX
5 – KUKE
6 – AILE
7 – VRAR
8 – BKSY
9 – PTIX
10 – TRVN
Lowest Volume Rated General Stocks Per 9/10/2024’s Close:
1 – OKE
2 – MDV
3 – RLMD
4 – DVN
5 – IRT
6 – SCMWY
7 – FR
8 – CWST
9 – KGC
10 – INFU
*** 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 ***
The VIX closed at 19.45, indicating an implied one day move of +/-1.23% & an implied one month move of +/-5.62%.
Highest Technical Rated S&P 500 Components Per 9/9/2024’s Close:
1 – K
2 – VTR
3 – RMD
4 – WELL
5 – IRM
6 – FICO
7 – MMM
8 – PM
9 – HWM
10 – PGR
Lowest Technical Rated S&P 500 Components Per 9/9/2024’s Close:
1 – DLTR
2 – SMCI
3 – INTC
4 – DG
5 – WBA
6 – DXCM
7 – BBWI
8 – MRNA
9 – ALB
10 – LULU
Highest Volume Rated S&P 500 Components Per 9/9/2024’s Close:
1 – ORCL
2 – AVB
3 – CPT
4 – ETR
5 – FTV
6 – IQV
7 – BIO
8 – MCK
9 – VTR
10 – ATO
Lowest Volume Rated S&P 500 Components Per 9/9/2024’s Close:
1 – CRWD
2 – GLW
3 – K
4 – IRM
5 – GEV
6 – AMD
7 – CMG
8 – UBER
9 – BLDR
10 – NDSN
Highest Technical Rated ETFs Per 9/9/2024’s Close:
1 – UTSL
2 – DRN
3 – KOLD
4 – DRIP
5 – URE
6 – UPW
7 – FAS
8 – SCO
9 – UGE
10 – TMF
Lowest Technical Rated ETFs Per 9/9/2024’s Close:
1 – CONL
2 – GXLM
3 – LTCN
4 – CONY
5 – MEXX
6 – BOIL
7 – MRNY
8 – SOXL
9 – NVDQ
10 – NVD
Highest Volume Rated ETFs Per 9/9/2024’s Close:
1 – IQHI
2 – QSWN
3 – KRMA
4 – SIO
5 – OVLH
6 – IWLG
7 – IQSM
8 – ITAN
9 – OVT
10 – IQSU
Lowest Volume Rated ETFs Per 9/9/2024’s Close:
1 – QQQ
2 – FENY
3 – IYY
4 – HIBS
5 – BINV
6 – STXT
7 – SEIQ
8 – FDVV
9 – ROBT
10 – MDST
Highest Technical Rated General Stocks Per 9/9/2024’s Close:
1 – LASE
2 – SMMT
3 – TSSI
4 – NEON
5 – GDC
6 – SICP
7 – LUMN
8 – ASTS
9 – BOF
10 – RAIL
Lowest Technical Rated General Stocks Per 9/9/2024’s Close:
1 – SING
2 – EGIO
3 – AILE
4 – NDRA
5 – VTAK
6 – LTM
7 – BSLK
8 – SYTA
9 – IVP
10 – TTEK
Highest Volume Rated General Stocks Per 9/9/2024’s Close:
1 – SINT
2 – INBS
3 – SLG
4 – EGIO
5 – GV
6 – GDEV
7 – TIL
8 – QNRX
9 – UNIT
10 – ALGS
Lowest Volume Rated General Stocks Per 9/9/2024’s Close:
1 – NFE
2 – CFFI
3 – HGV
4 – CLCO
5 – CCEP
6 – HZO
7 – NAMS
8 – SKWD
9 – HI
10 – PGNY
*** 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 ***
SPY, the SPDR S&P 500 ETF fell -4.14% last week, while the VIX closed at 22.38, indicating a one day implied move of +/-1.41% & a one month implied move of +/-6.47%.
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year
Their RSI is trending downward & sits at 41.19, while their MACD has crossed over bearishly & is in decline.
Volumes were still weak, coming in -19.47% below the previous year’s average volume (55,142,500 vs. 68,478,379 ((Note that this week’s data source is different, hence the rounded weekly figure*))), which as noted in previous weeks when we look at from the perspective of March 31,2024’s market note we see that this is even weaker participation, given that volumes have declined markedly following April 2024.
The average calculation has been using a low volume environment for coming on five months, meaning that the benchmark average volume calculation is nearly half diluted with very low volume compared to prior year’s.
This makes the clear lack of confidence in the market based on volume even more jarring, but is not something that is being mentioned very frequently.
September started with a bang for SPY, as last Tuesday on the first trading day of the month following the Monday holiday, when the day opened above the 10 day moving average’s support before blowing through it to the downside to test the 50 DMA’s support.
The 50 DMA held & the session closed above it, while volumes were close to the previous Friday’s advancing volume.
The negativity continued on Wednesday when SPY opened just above the 50 day moving average’s support, tested lower but the 50 DMA maintained strength & SPY would up testing higher & settled the session still down, but higher than it opened.
Wednesday’s candle was a spinning top, indicating that there was some uncertainty on the part of market participants, which is supported by the session’s low volume.
Thursday the uncertainty continued, as the session opened within the prior candle’s real body, tested higher before breaking down through the 50 DMAs support thanks to the bears, but the bulls were able to force the close to be back around that 50 DMA, resulting in a bearish spinning top candle on a low volume session, waning confidence & uncertainty continued.
Friday the 50 DMA broke down on a wide range session that resulted in a daily decline of -1.68% on the highest volume of the week; folks were ready to get out of the pool going into the weekend.
Given CPI & PPI are due to be released in the week ahead folks are a bit on edge, particularly as to see what magnitude the readings may contribute towards the impending rate cut later this month.
This coming week all eyes will remain on the volume noted above to see if it increases & in which direction, as that will be the best measurement of market sentiment currently.
The other primary place to keep an eye on will be the 10 & 50 day moving averages, both of which are now acting as resistance levels pressuring down on SPY’s price.
The view of the past few weekly notes that compare the current market situation to last September & October’s are still in play, but an eye will also be kept on July/August as well before that squeezed rally of mid-August that couldn’t must up the ability to break the all-time high for SPY set in July.
The chart below is worth taking a look at when looking at SPY’s current support levels, as they are a bit spaced out, making it even more important to have a read on price level sentiment as they are approached in the future.
SPY has support at the $537.45 (Volume Sentiment: Buyers, 0.7:0*), $531.35 (Volume Sentiment: Buyers, 1.5:1), $522.92 (Volume Sentiment: Sellers, 1.39:1) & $516.69/share (Volume Sentiment: Buyers, 2.36:1) price levels, with resistance at the $549.04 (50 Day Moving Average, Volume Sentiment: Buyers, 2:1), $554.87 (Volume Sentiment: Buyers, 2:1), $555.78 (10 Day Moving Average, Volume Sentiment: Buyers, 1.6:1), & $564.20/share (Volume Sentiment: Buyers, 0.8:0*) price levels.
SPY ETF’s Price Level:Volume Sentiment Over The Past 1-2 Years
QQQ, the Invesco QQQ Trust ETF that tracks the NASDAQ 100 declined -5.79% last week, faring the worst of the major four index ETFs.
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year
Their RSI is in decline & trending towards the oversold 30 mark, currently sitting at 37.08 while their MACD is in bearish decline.
Volumes were only -5.93% below the prior year’s average last week (40,642, 500 vs. 43,204,980), which while it is the best of the major four index ETFs, it should be noted that there was only one advancing day for QQQ last week, making this rather negative sentiment.
QQQ’s week began on a more sour note than SPY’s, as the ETF broke below the 50 day moving average & continued lower throughout the session to close with the 10 & 50 DMAs as overhead resistance on the second highest volume of the week.
Tuesday & Wednesday were equally as confused as SPY’s as both sessions resulted in spinning top candles on lackluster volume compared to the other days of the week, but QQQ’s Thursday did at least offer a glimmer of hope & optimism as the session did result in an advance, after Wednesday’s opened lower but despite closing down on the day did close above the opening price.
All of this happened while the 10 DMA was crossing bearishly through the 50 DMA, setting up the decline for Friday’s risk off into the weekend -2.68% decline.
While we’ve often noted how NVDA & the other semiconductor/AI components of SPY & QQQ have caused them to advance in similar fashion, one main distinction is how near the 200 day moving average QQQ is.
QQQ sits <2% above their 200 day moving average’s support, which is broken will be indicative of a major loss of investor confidence in the tech-heavy index.
This already happened once briefly in the past month & a half, as one declining session was a large gap down that ultimately pushed higher to close the day down, but higher than the opening price.
This will also be an interesting area to watch as there are a number of ETFs that are specifically focused on individual names & sectors that are components of QQQ, which will likely all be adversely impacted should QQQ trend below their 200 DMA.
As has been previously mentioned on here, QQQ’s slower & more gradual ascent over the past year has set it up with a more solid number of support levels than SPY.
With this in mind, QQQ’s lack of exposure to banks/financials may cause it to drift lower faster than SPY, despite having healthcare names due to the emphasis on technology companies.
It will also be interesting to see if volume from last week holds up, and if it does in which direction the price action is in & the daily range said prices cover as that will be a big tell on market participant sentiment.
QQQ has support at the $448.63 (Volume Sentiment: Sellers, 2.3:0*), $445.28 (Volume Sentiment: Buyers, 11.5:1), $442.35 (Volume Sentiment: Buyers, 1.76:1) & $440.56/share (200 Day Moving Average, Volume Sentiment: Buyers, 1.76:1) price levels, with resistance at the $459.85 (Volume Sentiment: Buyers, 0.9:0*), $468.25 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $472.30 (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 1-2 Years
IWM, the iShares Russell 2000 ETF dropped -5.53% last week, as even the small cap index was unable to fly under the radar during a week of declines.
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year
Their RSI is declining & currently at 41.83, while their MACD has crossed over bearishly & is in decline.
Volumes were -19.21% below the previous year’s average (2,838,000 vs. 3,539,407), as all four days of the week declined on subpar volume.
Tuesday the party got started for IWM with an open above the 10 day moving average’s support & a brief advance higher before tumbling to the downside straight through it on the week’s second highest volume.
Wednesday showed the same lack of conviction but negative feelings as SPY & QQQ, as the day opened on a gap lower, tested & briefly dipped below the 50 day moving average’s support before rallying back & closing higher but still on a declining session with low volume.
Thursday was able to close below the 50 day moving average, turning it from support to resistance, but also confirming that the negative sentiment is here to stay at least in the near-term as the day’s candle completed a bearish engulfing pattern.
Friday confirmed this as the session opened lower, tested back above the resistance of the 50 DMA, before ultimately settling down -1.9% on the day.
IWM is near a number of support levels after a -1% decline further due to the relatively range-bound oscillating it’s price action does as it gradually advances & declines.
However it would be wise to assess the strength & weakness of each support level’s price on the table below to have an understanding of how strong or weak the volume sentiment has previously deemed the price level.
The volume levels of the coming week(s) will also be important for IWM, as it will shed insight into overall market sentiment & whether the small cap names may be a safe haven of sorts during any further decline.
IWM’s 200 day moving average is also only ~3% from Friday’s closing price, causing similar concerns to what was just outlined about QQQ, with the notable difference being that IWM was supported during their recent brief daily brush with the support level in early August.
IWM has support at the $207.27 (Volume Sentiment: Buyers, 1.97:1), $204.40 (Volume Sentiment: Buyers, 1.97:1), $203.68 (Volume Sentiment: Buyers, 1.13:1) & $201.51/share (200 Day Moving Average, Volume Sentiment: Buyers, 1.13:1) price levels, with resistance at the $209.19 (Volume Sentiment: Buyers, 2.4:0*), $209.29 (Volume Sentiment: Buyers, 2.4:0*), $211.29 (Volume Sentiment: Buyers, 2.4:0*), & $212.49/share (50 Day Moving Average, Volume Sentiment: NULL, 0:0*) price levels.
IWM ETF’s Price Level:Volume Sentiment Over The Past 3-4 Years
DIA ETF – SPDR Dow Jones Industrial Average ETF’s Technical Performance Over The Past Year
Their RSI just crossed bearishly through the neutral 50 mark & sits currently at 47.56, while their MACD is in bearish decline.
Volumes were weak though, -19.05% below the previous year’s average (2,865,000 vs. 3,539,407), which is indicative of waning enthusiasm on the part of investors, especially given the blue chip nature of DIA’s component stocks & the fact that three of the past four sessions were declining sessions.
Tuesday started the week off on weak footing for DIA, as prices declined through the support at the 10-day moving average on the highest volume of the week.
Wednesday offered a glimmer of optimism as the session opened higher, went above the 10 DMA’s resistance briefly, but ultimately resulted in what would be a shooting star candle if it came at the end of an uptrend, indicating that there was still blood in the water & bears had unfinished business to handle.
Thursday confirmed the bearish sentiment, as prices opened in line with the 10 DMA’s resistance, before testing much lower & still settling on a decline.
Friday made one last run at the 10 DMA’s resistance before ultimately declining for a -.098% daily loss heading into the weekend on the week’s second highest volumes.
This week DIA’s 50 DMA will be in focus, as prices closed last week within 1% of the support level, but with a lot of bearish sentiment behind the name.
Their 10 DMA’s resistance level is now curled over & applying downwards pressure on price, but much like IWM, DIA has a solid floor of support levels beneath it, making it worth looking at the table below to see how strong each price level is & how likely it is to maintain strength or succumb to selling pressure.
Like the other index ETF’s previously discussed, the period about one year ago from today is a good place to look for clues into how markets may treat DIA in the near-term, particularly in the event that their 200 DMA’s support is tested (-4.72% from Friday’s closing price).
DIA has support at the $401.88 (50 Day Moving Average, Volume Sentiment: NULL, 0:0*), $399.31 (Volume Sentiment: Buyers, 2:1), $397.76 (Volume Sentiment: Buyers, 2:1) & $396.62/share (Volume Sentiment: Buyers, 2:1) price levels, with resistance at the $411.25 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $413.33 (Volume Sentiment: NULL, 0:0*) & $416.55/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
DIA ETF’s Price Level:Volume Sentiment Over The Past 3-4 Years
The Week Ahead
Monday the week begins with Wholesale Inventories at 10 am & Consumer Credit data at 3pm.
Calavo Growers, Mission Produce, Oracle & Rubrik all report earnings after Monday’s closing bell.
NFIB Optimism Index data is reported at 6 am on Tuesday.
Academy Sports + Outdoors & Cognyte Software report earnings Tuesday morning before the opening bell, with Dave & Buster’s Entertainment, GameStop & Petco Health & Wellness due to report after the session’s closing bell.
Wednesday morning Consumer Price Index, CPI Year-over-Year, Core CPI & Core CPI Year-over-Year are all reported at 8:30 am.
Oxford Industries reports earnings after Wednesday’s closing bell.
Initial Jobless Claims, Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year are all due to be reported at 8:30 am Thursday, with the Monthly U.S. Federal Budget data coming out at 2pm.
Thursday morning’s earnings reports include Caleres, Kroger, Lovesac & Signet Jewelers, with Adobe & RH scheduled to report after the session’s close.
Friday the week winds down with Import Price Index & Import Price Index minus Fuel at 8:30 am, followed by Consumer Sentiment (prelim) data at 10 am & there are no noteworthy earnings reports scheduled for the day.
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 ***
The VIX closed at 22.38, indicating a one day implied move of +/-1.41% & a one month implied move of +/-6.47%.
Highest Technical Rated S&P 500 Components Per 9/6/2024’s Close:
1 – K
2 – MMM
3 – VTR
4 – TRGP
5 – IRM
6 – RMD
7 – UHS
8 – WELL
9 – PM
10 – BBY
Lowest Technical Rated S&P 500 Components Per 9/6/2024’s Close:
1 – SMCI
2 – DLTR
3 – INTC
4 – WBA
5 – DG
6 – DXCM
7 – MRNA
8 – BBWI
9 – ALB
10 – EL
Highest Volume Rated S&P 500 Components Per 9/6/2024’s Close:
1 – CPT
2 – AVB
3 – AVGO
4 – HCA
5 – MCK
6 – FTV
7 – MAR
8 – NWS
9 – EMN
10 – ZBRA
Lowest Volume Rated S&P 500 Components Per 9/6/2024’s Close:
1 – ES
2 – WST
3 – BIO
4 – RMD
5 – ENPH
6 – EVRG
7 – SBUX
8 – EXPD
9 – CPAY
10 – HOLX
Highest Technical Rated ETFs Per 9/6/2024’s Close:
1 – UTSL
2 – DRN
3 – ETHD
4 – DRIP
5 – SETH
6 – SCO
7 – UPW
8 – URE
9 – FAS
10 – TMF
Lowest Technical Rated ETFs Per 9/6/2024’s Close:
1 – CONL
2 – BCHG
3 – CONY
4 – LTCN
5 – GXLM
6 – MEXX
7 – MSOX
8 – SOXL
9 – MRNY
10 – SVIX
Highest Volume Rated ETFs Per 9/6/2024’s Close:
1 – EVLN
2 – FLCB
3 – KRMA
4 – IVRS
5 – PNOV
6 – IQQQ
7 – QRFT
8 – JPLD
9 – REVS
10 – MOOD
Lowest Volume Rated ETFs Per 9/6/2024’s Close:
1 – FMED
2 – RNEM
3 – XLRE
4 – VSDA
5 – AVSF
6 – UYLD
7 – BSCT
8 – PHO
9 – ARKG
10 – SGOV
Highest Technical Rated General Stocks Per 9/6/2024’s Close:
1 – LASE
2 – TSSI
3 – GDC
4 – NEON
5 – LUMN
6 – SICP
7 – PRKR
8 – BOF
9 – ASTS
10 – ACKRF
Lowest Technical Rated General Stocks Per 9/6/2024’s Close:
1 – AZREF
2 – VTAK
3 – SLXN
4 – MULN
5 – LTM
6 – BSLK
7 – CNSP
8 – PSIG
9 – MKDW
10 – SCPX
Highest Volume Rated General Stocks Per 9/6/2024’s Close:
1 – SLG
2 – PRKR
3 – BENF
4 – UNIT
5 – WHLR
6 – VOR
7 – PSNYW
8 – TNON
9 – SYTA
10 – INBS
Lowest Volume Rated General Stocks Per 9/6/2024’s Close:
1 – POLA
2 – CXT
3 – MDLX
4 – AMP
5 – CUZ
6 – DRH
7 – CCBG
8 – ARGX
9 – HSIC
10 – INTC
*** 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 ***
The VIX finished the day at 19.9, indicating an implied one day move of +/-1.25% & an implied one month move of +/-5.75%.
Highest Technical Rated S&P 500 Components Per 9/5/2024’s Close:
1 – K
2 – UHS
3 – MMM
4 – TRGP
5 – VTR
6 – HWM
7 – BBY
8 – RMD
9 – IRM
10 – FICO
Lowest Technical Rated S&P 500 Components Per 9/5/2024’s Close:
1 – SMCI
2 – DLTR
3 – DG
4 – WBA
5 – INTC
6 – DXCM
7 – MRNA
8 – BBWI
9 – LULU
10 – LW
Highest Volume Rated S&P 500 Components Per 9/5/2024’s Close:
1 – DLTR
2 – PAYC
3 – ZBH
4 – MCK
5 – FTV
6 – APA
7 – DTE
8 – CPRT
9 – DG
10 – MKTX
Lowest Volume Rated S&P 500 Components Per 9/5/2024’s Close:
1 – WDC
2 – ENPH
3 – AXON
4 – CMG
5 – FMC
6 – AMD
7 – PANW
8 – NOC
9 – ALB
10 – ACN
Highest Technical Rated ETFs Per 9/5/2024’s Close:
1 – UTSL
2 – DRN
3 – FAS
4 – UPW
5 – URE
6 – ARGT
7 – XTL
8 – KOLD
9 – DRIP
10 – UYG
Lowest Technical Rated ETFs Per 9/5/2024’s Close:
1 – CONL
2 – BCHG
3 – LTCN
4 – MEXX
5 – TSDD
6 – TSLZ
7 – MSOX
8 – GXLM
9 – MRNY
10 – CONY
Highest Volume Rated ETFs Per 9/5/2024’s Close:
1 – KPRO
2 – FMF
3 – EFV
4 – LSEQ
5 – DBEH
6 – UPGR
7 – BNOV
8 – FLHY
9 – HEFA
10 – BINC
Lowest Volume Rated ETFs Per 9/5/2024’s Close:
1 – OUSA
2 – CGSD
3 – AVGE
4 – SCHK
5 – FVD
6 – FDIV
7 – EFA
8 – SPXT
9 – NFLT
10 – EDV
Highest Technical Rated General Stocks Per 9/5/2024’s Close:
1 – DPRO
2 – LITB
3 – BOF
4 – TSSI
5 – GDC
6 – NEON
7 – LASE
8 – ASTS
9 – VRAX
10 – CMMB
Lowest Technical Rated General Stocks Per 9/5/2024’s Close:
1 – SING
2 – WTO
3 – AZREF
4 – NDRA
5 – AILE
6 – SYTA
7 – ATHA
8 – IVP
9 – CGBS
10 – BJDX
Highest Volume Rated General Stocks Per 9/5/2024’s Close:
1 – WHLR
2 – EAST
3 – HOTH
4 – TWO
5 – OUT
6 – MODD
7 – YYGH
8 – AAMC
9 – UNIT
10 – AMXEF
Lowest Volume Rated General Stocks Per 9/5/2024’s Close:
1 – OSK
2 – NKSH
3 – DBI
4 – CLST
5 – FAST
6 – TDW
7 – PCT
8 – SITC
9 – OLMA
10 – BBD
*** 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 ***
The VIX closed at 21.32, indicating an implied one day move of +/-1.34% & a one month implied move of +/-6.16%.
Highest Technical Rated S&P 500 Components Per 9/4/2024’s Close:
1 – K
2 – UHS
3 – MMM
4 – IRM
5 – BBY
6 – TRGP
7 – PGR
8 – HWM
9 – RMD
10 – VTR
Lowest Technical Rated S&P 500 Components Per 9/4/2024’s Close:
1 – DLTR
2 – SMCI
3 – WBA
4 – DG
5 – INTC
6 – DXCM
7 – MRNA
8 – BBWI
9 – LW
10 – LULU
Highest Volume Rated S&P 500 Components Per 9/4/2024’s Close:
1 – DLTR
2 – BBWI
3 – HRL
4 – DG
5 – IPG
6 – EPAM
7 – MKC
8 – VZ
9 – MOH
10 – T
Lowest Volume Rated S&P 500 Components Per 9/4/2024’s Close:
1 – ENPH
2 – FMC
3 – AKAM
4 – SBUX
5 – ANSS
6 – UBER
7 – TDG
8 – NRG
9 – MTCH
10 – EXPE
Highest Technical Rated ETFs Per 9/4/2024’s Close:
1 – UTSL
2 – DRN
3 – FAS
4 – KOLD
5 – UPW
6 – URE
7 – DPST
8 – CURE
9 – UYG
10 – XTL
Lowest Technical Rated ETFs Per 9/4/2024’s Close:
1 – CONL
2 – MSOX
3 – MEXX
4 – BOIL
5 – LTCN
6 – GXLM
7 – MRNY
8 – SVIX
9 – BCHG
10 – CONY
Highest Volume Rated ETFs Per 9/4/2024’s Close:
1 – SEPZ
2 – HKND
3 – AUGZ
4 – NSCR
5 – PJFM
6 – VNSE
7 – PBJA
8 – SSPY
9 – OBND
10 – ISEP
Lowest Volume Rated ETFs Per 9/4/2024’s Close:
1 – FLCB
2 – LRNZ
3 – TMAT
4 – COMT
5 – BUFG
6 – DFSD
7 – AGOX
8 – JPME
9 – PULT
10 – IDEV
Highest Technical Rated General Stocks Per 9/4/2024’s Close:
1 – RAASY
2 – GDC
3 – ASTS
4 – TSSI
5 – BOF
6 – CMMB
7 – SICP
8 – VRAX
9 – NEON
10 – LUMN
Lowest Technical Rated General Stocks Per 9/4/2024’s Close:
1 – SING
2 – IVP
3 – WHLR
4 – AILE
5 – BSLK
6 – SLXN
7 – LTM
8 – SYTA
9 – MLGO
10 – MULN
Highest Volume Rated General Stocks Per 9/4/2024’s Close:
1 – WISA
2 – OUT
3 – SLG
4 – BMRA
5 – LQR
6 – SHPH
7 – ATHA
8 – CNET
9 – WINT
10 – BYU
Lowest Volume Rated General Stocks Per 9/4/2024’s Close:
1 – GMS
2 – CCJ
3 – DTRUY
4 – ALNT
5 – CHK
6 – REZI
7 – AES
8 – OVV
9 – ATRWF
10 – TASK
*** 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 ***
The VIX closed at 20.72, indicating a one day implied move of +/-1.31% & an implied one month move of +/-5.99%.
Highest Technical Rated S&P 500 Components Per 9/3/2024’s Close:
1 – K
2 – IRM
3 – UHS
4 – MMM
5 – TRGP
6 – BBY
7 – RMD
8 – VTR
9 – PGR
10 – PM
Lowest Technical Rated S&P 500 Components Per 9/3/2024’s Close:
1 – WB
2 – DG
3 – SMCI
4 – INTC
5 – MRNA
6 – DXCM
7 – DLTR
8 – BBWI
9 – LW
10 – LULU
Highest Volume Rated S&P 500 Components Per 9/3/2024’s Close:
1 – TAP
2 – DG
3 – BA
4 – DLTR
5 – SNPS
6 – CPAY
7 – TRGP
8 – FDS
9 – AMAT
10 – J
Lowest Volume Rated S&P 500 Components Per 9/3/2024’s Close:
1 – JCI
2 – PARA
3 – IP
4 – SRE
5 – LH
6 – MSCI
7 – WAT
8 – AKAM
9 – ALGN
10 – GPN
Highest Technical Rated ETFs Per 9/3/2024’s Close:
1 – DRN
2 – FAS
3 – UPW
4 – URE
5 – UYG
6 – NAIL
7 – UGE
8 – HAUS
9 – REZ
10 – DFEN
Lowest Technical Rated ETFs Per 9/3/2024’s Close:
1 – MEXX
2 – BOIL
3 – SVIX
4 – NVDQ
5 – NVD
6 – SOXL
7 – CONY
8 – DRV
9 – URNJ
10 – PSIL
Highest Volume Rated ETFs Per 9/3/2024’s Close:
1 – SEPT
2 – TBFG
3 – SEPW
4 – SPCZ
5 – KDIV
6 – JUNW
7 – TSEC
8 – IWX
9 – XVOL
10 – NSCR
Lowest Volume Rated ETFs Per 9/3/2024’s Close:
1 – IBDU
2 – DUBS
3 – FXH
4 – QQQ
5 – UYM
6 – ESGD
7 – KSA
8 – HDGE
9 – DJUN
10 – VTES
Highest Technical Rated General Stocks Per 9/3/2024’s Close:
1 – RAASY
2 – BYU
3 – GDC
4 – BOF
5 – TSSI
6 – VRAX
7 – NEON
8 – ASTS
9 – CMMB
10 – SICP
Lowest Technical Rated General Stocks Per 9/3/2024’s Close:
1 – SING
2 – WTO
3 – NDRA
4 – IVP
5 – BSLK
6 – MLGO
7 – LTM
8 – SLXN
9 – BJDX
10 – CGBS
Highest Volume Rated General Stocks Per 9/3/2024’s Close:
1 – CNFR
2 – SIFY
3 – PSNYW
4 – TWO
5 – OUT
6 – AUUD
7 – APTO
8 – MSGM
9 – SNPH
10 – ZBAO
Lowest Volume Rated General Stocks Per 9/3/2024’s Close:
1 – BY
2 – CRMT
3 – ALL
4 – HUBG
5 – AWX
6 – SPHR
7 – STNG
8 – STNG
9 – MBWM
10 – HYMC
*** 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 ***
SPY, the SPDR S&P 500 ETF added +0.28% this past week, while the VIX closed the week at 15.00, indicating an implied one day move of +/-0.95% & an implied one month move of +/-4.34%.
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year
Their RSI is trending towards overbought conditions & sits at 62.11, while their MACD is bullish, but has been moving towards the signal line & its histogram is declining, indicating waning sentiment & an impending bearish crossover on the horizon.
Volumes were still weak, coming in -39.54% below the past year’s (diluted since May) average volume (41,456,061 vs. 68,568,837), as investors close out the summer months & brace for what looks set to be a more volatile September.
Monday started on as a declining day for SPY on low volume, before Tuesday recovered some of the losses but on very weak volume, indicating that there was still not much appetite for risk.
Wednesday is where the real cracks began to show for SPY, as the session resulted in a decline on the second highest volume of the week.
Recall that volume has been what we have been focusing on recently as it provides a measure of actual participation & sentiment behind the market’s movement & behavior.
When markets are off all-time highs & have limited support levels nearby the volume is going to be a great indicator of actual market sentiment.
The other warning sign that flashed on Wednesday was that while the market opened near Tuesday’s close, it tested below the support of the 10 day moving average during the day & closed in-line with it.
Given that the volume was second highest of the week, it became evident on Wednesday that we are entering another period of risk-off sentiment & what will likely become a time of heightened volatility.
Thursday continued this theme, as SPY opened at about the middle of Wednesday’s candle’s real body & tested higher, before collapsing, testing below the 10 DMA’s support again & closing lower than it opened, just beneath the 10 DMA.
Friday the bulls regained control though, although the day did test below the 10 DMA again, but at the end of the day a surge in volume compared to the rest of the week saw market participants squeeze prices higher as the day closed with a +0.95% advance.
Heading into the new week all eyes will be on the support of the 10 & 50 day moving averages for SPY, as well as its trading volume.
The consolidation range of the past couple of weeks has not shown much strength & with the low volumes that we are seeing it appears that we are due to a little break & some near-term declines.
While not all earnings disappointed, most companies have reported now leaving less chances for an upside catalyst in the near-term & the fact that neither Friday nor any day over the past month & a half have been able to reach SPY’s recent all-time high leaves little room for optimism.
Couple these points with the really low volumes we’ve been seeing & it begins to look even more bleak & less likely that we’ll find reason to begin trending upwards again in the near-term.
Given how spread out SPY’s support levels are up here, it’ll be wise to watch price in relation to the 50 DMA, as the support level is currently -2.56% (Friday’s closing levels) below their price.
While the spreads between the 10 & 50 DMA are not as narrow as they were in last September, there are certainly many similarities between what we are seeing in today’s market compared to just one year ago & it will be something to keep an eye on.
It is worth taking a look at the table below to assess the strength of their support levels, as the table displays the ratio of Buyers:Sellers (or Sellers:Buyers) at each price level SPY has traded at over the past 1-2 years & may shed light into how market participants will behave at these levels again.
SPY has support at the $560 (10 Day Moving Average, Volume Sentiment: Buyers, 0.8:0*), $554.87 (Volume Sentiment: Buyers, 2:1), $548.73 (50 Day Moving Average, Volume Sentiment: Buyers, 2:1) & $537.45/share (Volume Sentiment: Buyers, 0.7:0*) price levels, with resistance at the $565.16/share (All-Time High, Volume Sentiment: NULL, 0:0*) price level.
SPY ETF’s Price Level:Volume Sentiment Over The Past 1-2 Years
QQQ, the Invesco QQQ Trust ETF that tracks the NASDAQ 100 fared the worst of the major four index ETFs, declining -0.78% for the week.
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year
Their RSI is near the neutral 50 mark & sits currently at 54.53, while their MACD has recently remained bullish but is declining towards the signal line & looking ready to cross over bearishly in the coming day or two.
Volumes were also weak, coming in -22.79% below the prior year’s average volume (33,309,777 vs. 43,144,086), which is negative from both the perspective of a lack of participation vs. the comparison when made back in March (per 8/18/2024’s Weekly Review Note) & from the perspective of how bearish volume is standing taller at higher levels than volume does on many bullish days.
Much like SPY, QQQ’s week last week also started off on a bearish note, as Monday’s session declined to the support of their 50 DMA, which is closed near.
Tuesday opened lower but was able to break above the 50 day moving average’s resistance & briefly broke above the 10 DMA’s, but settled for the day near the 10 DMA.
Wednesday is when the fun broke out, as the session opened higher than Tuesday’s session, but ultimately sold off & formed a bearish engulfing pattern, indicating that there would be more difficulty on the horizon for QQQ.
Thursday confirmed this when QQQ declined again on the strongest volume of the week (Wednesday’s was second strongest, followed by Friday’s).
The session opened about midway through the range of Wednesday’s price action, tested higher, breaking above the 10 DMA’s resistance briefly before tumbling below the 50 DMA, testing further down & ultimately being unable to close above the 50 DMA’s resistance.
Friday’s candle would be characterized as a hanging man (bearish) if it came at the end of an uptrend & not a consolidation range, but prices were squeezed higher to celebrate the last session of August, despite the day’s lower shadow signaling that there is a lot more people are getting happy about to be found to the downside for QQQ.
As I’ve noted before, QQQ & SPY have very similar patterns, however QQQ did not ascend with as high of a velocity as SPY did over the past year, which gives them the benefit of more local support touch-points.
While this is good, one issue that they have is that even the slightest decline from Friday’s closing price puts them trading under their 10 & 50 DMA’s, with the 200 DMA only -7.8% below Friday’s close.
Still, the week ahead for QQQ might benefit from looking at their chart from this time last year & noting the similarities between September & October of 2023 to July & August 2024.
It will also be interesting to see how long it takes for QQQ to begin filling its gaps from August given that their price is already getting downward pressure from the 10 & 50 DMAs & then keep track of how long it takes SPY to follow suit.
QQQ has support at the $475.55 (Volume Sentiment: Buyers, 2.5:1), $473.92 (50 Day Moving Average, Volume Sentiment: Buyers, 2.5:1), $467.89 (Volume Sentiment: Buyers, 0.7:0*) & $459.85/share (Volume Sentiment: Buyers, 0.9:0*) price levels, with resistance at the $476.93 (10 Day Moving Average, Volume Sentiment: Sellers, 1.11:1), $485.54 (Volume Sentiment: Buyers, 1.3:0*) & $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
IWM, the iShares Russell 2000 ETF dipped -0.14% for the week, as small cap stocks remained relatively unchanged compared to the other major index ETFs.
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year
Their RSI is trending towards overbought levels & sits currently at 58.83, while their MACD is still bullish but their histogram is waning, which precedes periods of weakness.
Volumes were -36.27% below the past year’s average last week (22,325,177 vs. 35,030,586), which gives the same signals of weakness outlined for SPY & QQQ, although in a bright spot for IWM their declining days last week had the lowest levels of volume (not sure that’s much of a win, but worth noting).
Monday was a bullish day for IWM, however it was flashing bearish signals as well, as the session was unable to close above where it opened & it tested below the close of the previous Friday.
Tuesday the levy broke & IWM opened on a gap down that ended as a spinning top, indicating a great deal of indecision on the part of market participants (but on low volume, as noted earlier).
The downtrend continued on Wednesday with another spinning top candle that tested the support of the 10 day moving average, but was able to stay above it for the session.
Thursday showed that there was more confusion in the small caps, as the day ended on a long legged doji, where price was relatively unchanged from open to close but the upper & lower shadows show a wide range of prices were tested throughout the session.
Friday continued the “week of uncertainty” for IWM, as the week concluded on a spinning top candle that while the open/closing price action was concentrated in the upper end of the candle, the lower shadow tested down to the 10 day moving average’s support, meaning that we will likely see more retests of this support in the coming week.
As frequently noted in the weekly posts, IWM tends to oscillate around a trading range then leg higher or lower much more than SPY or QQQ, so there is quite a bit of support for IWM at these price levels that are nearby.
However, it should be noted that the 200 day moving average has now moved into that support zone & is sitting right in the middle of it.
As the 200 DMA continues to climb, should IWM break down below it that would likely indicate that the support zone itself will break down & will be something to keep an eye on & to continue to reassess the strength of the price levels.
This is also highlighted in the table below where the $193.99/share price level begins a seller dominated zone where there have been 3.79 sellers:buyers in terms of volume sentiment, which would likely trigger a further sell off into the $189.99/share block where the Sellers:Buyers ratio has been 1.46:1 until the $187.99 price level.
Given IWM’s proximity to their 52-week high, expect to see some profit taking in the coming week & be mindful of how the larger cap indexes are moving, as with them all at all-time highs & IWM near a 52-week high that may be the recipe for folks exiting the pool altogether vs. rotating into small caps.
IWM has support at the $217.26 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $215.38 (Volume Sentiment: NULL, 0:0*), $211.61 (50 Day Moving Average, Volume Sentiment: Buyers, 2.4:1) & $211.29/share (Volume Sentiment: Buyers, 2.4:0*) price levels, with resistance at the $222.45 (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 1-3 Years
DIA, the SPDR Dow Jones Industrial Average ETF had the strongest week of the major four indexes, advancing +1.06% for the week as the blue chip names weathered the semiconductor storm fallout the best.
DIA ETF – SPDR Dow Jones Industrial Average ETF’s Technical Performance Over The Past Year
Their RSI is trending towards overbought conditions & sits at 67.47, while their MACD is still bullish, but beginning to look overextended & their histogram is weakening, indicating that there is likely a bearish crossover coming by Thursday of this week.
Volumes were -15.72% below the past year’s average volume (2,978,636 vs. 3,525,088), as DIA has managed to maintain the closest semblance of normal volumes of the major four index ETFs all year, while the others have waned.
DIA closed the week out at a new all-time high, but the path to get there was certainly filled with uncertainty.
Aside from Thursday which eclipsed the rest of the week’s volumes their trading volumes were unremarkable, and given the way Thursday’s candle closed out as a high wave spinning top that closed lower than it opened, it appears a lot of people were taking profits there & that the bull run up is in jeopardy.
The long lower shadow on Friday’s candle also gives off that sentiment, especially when paired with the second lowest volumes of the week.
While there is a cluster of support levels not too far down from DIA’s current price, the same moving average relationships & strength of sentiment at different price levels will be what to watch in the coming week, along with what the current week’s volumes do.
DIA may have lost the least amount of average volume of the major four index ETF’s we’ve compared here, but given that it was so highly concentrated just on being from Thursday it is hard to say that this is a sign of strength.
If this continues into this week it should be a reason for investors to be looking at markets with a very skeptical eye & be viewed as a signal of a lack of confidence overall.
DIA has support at the $413.33 (Volume Sentiment: NULL, 0:0*), $411.30 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $400.52 (50 Day Moving Average, Volume Sentiment: NULL, 0:0*) & $399.31/share (Volume Sentiment: Buyers, 2:1) price levels, with resistance at the $416.55/share (All-Time High, Volume Sentiment: NULL, 0:0*) price level.
DIA ETF’s Price Level:Volume Sentiment Over The Past 3-4 Years
The Week Ahead
There are no major economic data announcements or earnings reports on Monday as it is Labor Day in the U.S.
S&P Final U.S. Manufacturing PMI is announced Tuesday at 9:45 am, followed by Construction Spending & ISM Manufacturing data at 10 am.
Hello Group reports earnings Tuesday morning, with GitLab, PagerDuty & Zscaler reporting after the closing bell.
Wednesday begins with U.S. Trade Deficit data at 8:30 am, followed by Job Openings & Factory Orders data at 10 am & the Fed’s Beige Book at 2pm.
Dick’s Sporting Goods, Dollar Tree, America’s Car Mart, Ciena, Core & Main, Hormel Foods, REV Group & Torrid all report earnings before Wednesday’s opening bell, with AeroVironment, C3.ai, Casey’s General, ChargePoint, Copart, Couchbase, Credo Technology Group, Descartes, Hewlett Packard Enterprise, Phreesia, Sprinklr, Verint Systems & Yext all scheduled to report earnings after the closing bell.
ADP Employment, Initial Jobless Claims & U.S. Productivity (revision) data all come out Thursday at 8:30 am, with S&P final U.S. Services PMI data coming out at 9:45 am & ISM Services data at 10 am.
Thursday kicks off with earnings from Korn Ferry, Nio, Science Applications International, Shoe Carnival & The Toro Company, with Broadcom, Argan, Braze, DocuSign, Guidewire Software, Smartsheet, Smith & Wesson Brands, UiPath, Veradigm & Zumiez due to report after the session’s close.
U.S. Employment Report, U.S. Unemployment Rate, U.S. Hourly Wages & Hourly Wages Year-over-Year are all released Friday at 8:30 am, followed by New York Fed President Williams speaking at 8:45 am.
Friday morning’s earnings reports include ABM Industries, Brady, BRP Inc. & Genesco.
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 ***
The VIX closed at 15.00, indicating an implied one day move of SPY at +/-0.95% & a one month implied move of +/-4.34%.
Highest Technical Rated S&P 500 Components Per 8/30/2024’s Close:
1 – MMM
2 – K
3 – IRM
4 – UHS
5 – HWM
6 – BBY
7 – GDDY
8 – NEM
9 – TRGP
10 – RMD
Lowest Technical Rated S&P 500 Components Per 8/30/2024’s Close:
1 – DG
2 – SMCI
3 – WBA
4 – DXCM
5 – INTC
6 – MRNA
7 – DLTR
8 – BBWI
9 – LW
10 – LULU
Highest Volume Rated S&P 500 Components Per 8/30/2024’s Close:
1 – DG
2 – ULTA
3 – ETSY
4 – LULU
5 – WELL
6 – INTC
7 – ADSK
8 – CZR
9 – ANSS
10 – DOC
Lowest Volume Rated S&P 500 Components Per 8/30/2024’s Close:
1 – SBUX
2 – LUV
3 – JCI
4 – RL
5 – GNRC
6 – FSLR
7 – MSCI
8 – EQT
9 – AMD
10 – VST
Highest Technical Rated ETFs Per 8/30/2024’s Close:
1 – UTSL
2 – DPST
3 – FAS
4 – DFEN
5 – NAIL
6 – KOLD
7 – DRN
8 – AAPU
9 – UPW
10 – UYG
Lowest Technical Rated ETFs Per 8/30/2024’s Close:
1 – NVDQ
2 – NVD
3 – MSOX
4 – UVIX
5 – BOIL
6 – MEXX
7 – GXLM
8 – CONL
9 – MRNY
10 – NVDS
Highest Volume Rated ETFs Per 8/30/2024’s Close:
1 – PABD
2 – KPRO
3 – BBEM
4 – UDI
5 – USEP
6 – SEPW
7 – AVMV
8 – USCA
9 – KDRN
10 – KMET
Lowest Volume Rated ETFs Per 8/30/2024’s Close:
1 – SCHG
2 – IXP
3 – GDXJ
4 – IWO
5 – FTSM
6 – ADME
7 – AOHY
8 – QEMM
9 – XHB
10 – DSI
Highest Technical Rated General Stocks Per 8/30/2024’s Close:
1 – GLTO
2 – SNOA
3 – ATPC
4 – GLMD
5 – BYU
6 – RAASY
7 – GDC
8 – NEON
9 – VRAX
10 – TSSI
Lowest Technical Rated General Stocks Per 8/30/2024’s Close:
1 – SING
2 – WTO
3 – NDRA
4 – MLGO
5 – BSLK
6 – VTAK
7 – SYTA
8 – LTM
9 – IVP
10 – PSIG
Highest Volume Rated General Stocks Per 8/30/2024’s Close:
1 – FCUV
2 – BNRG
3 – OUT
4 – ATPC
5 – TOVX
6 – NSA
7 – MSS
8 – VTAK
9 – ENBP
10 – BYU
Lowest Volume Rated General Stocks Per 8/30/2024’s Close:
1 – NVTS
2 – AXP
3 – ATXG
4 – SMTC
5 – GIB
6 – ATHM
7 – MAXN
8 – PCG
9 – R
10 – IBTA
*** 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 ***
