The VIX closed at 18.37 indicating an implied one day move of +/-1.16% & an implied one month move of +/-5.31%.
Highest Technical Rated S&P 500 Components Per 10/21/2024’s Close:
1 – VST
2 – UAL
3 – PLTR
4 – CEG
5 – NVDA
6 – AXON
7 – RCL
8 – NCLH
9 – CCL
10 – BX
Lowest Technical Rated S&P 500 Components Per 10/21/2024’s Close:
1 – MRNA
2 – DLTR
3 – DG
4 – HUM
5 – ELV
6 – ENPH
7 – CNC
8 – SMCI
9 – MOH
10 – EL
Highest Volume Rated S&P 500 Components Per 10/21/2024’s Close:
1 – CI
2 – CNC
3 – KVUE
4 – IDXX
5 – DGX
6 – IVZ
7 – NFLX
8 – MMM
9 – BA
10 – ELV
Lowest Volume Rated S&P 500 Components Per 10/21/2024’s Close:
1 – HUBB
2 – BAX
3 – EPAM
4 – IEX
5 – SBUX
6 – TRMB
7 – IT
8 – DELL
9 – INCY
10 – BMY
Highest Technical Rated ETFs Per 10/21/2024’s Close:
1 – NVDX
2 – NVDL
3 – NVDU
4 – JNUG
5 – NUGT
6 – UTSL
7 – AGQ
8 – DFEN
9 – YINN
10 – BABX
Lowest Technical Rated ETFs Per 10/21/2024’s Close:
1 – NVDQ
2 – NVD
3 – YANG
4 – MRNY
5 – NVDS
6 – JDST
7 – SSG
8 – DUST
9 – FXP
10 – ZSL
Highest Volume Rated ETFs Per 10/21/2024’s Close:
1 – ISHP
2 – DWCR
3 – FLCO
4 – OSCV
5 – QLV
6 – GOCT
7 – FCFY
8 – KSEA
9 – MRAD
10 – FYEE
Lowest Volume Rated ETFs Per 10/21/2024’s Close:
1 – UNIY
2 – IQSM
3 – QCAP
4 – XFLX
5 – MCSE
6 – FORH
7 – MSTI
8 – QSML
9 – CAAA
10 – USIN
Highest Technical Rated General Stocks Per 10/21/2024’s Close:
1 – DRUG
2 – GEVO
3 – SEVCF
4 – LTBR
5 – ELTP
6 – CAPR
7 – DOGZ
8 – HTCO
9 – WLGS
10 – OKLO
Lowest Technical Rated General Stocks Per 10/21/2024’s Close:
1 – CETX
2 – YELLQ
3 – UAVS
4 – TUPBQ
5 – MMATQ
6 – ADTX
7 – SEEL
8 – WTO
9 – BYU
10 – SLXN
Highest Volume Rated General Stocks Per 10/21/2024’s Close:
1 – SLG
2 – GNPX
3 – SYTA
4 – XBP
5 – SNSE
6 – BIVI
7 – JCSE
8 – IVP
9 – INAB
10 – SCWX
Lowest Volume Rated General Stocks Per 10/21/2024’s Close:
1 – NSFDF
2 – CNTGF
3 – DYNT
4 – HRGN
5 – ASRE
6 – BTSGU
7 – LIANY
8 – XCUR
9 – ESMC
10 – AMBO
*** 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 +0.86% last week, while the VIX closed at 18.03, indicating an implied one day move of +/-1.14% & an implied one month move of +/-5.21%.
SPY ETF – SPDR S&P 500 ETF’S Technical Performance Over The Past Year
Their RSI is advancing towards the overbought level of 70 & sits currently at 66.24, while their MACD is bullish, but its histogram is signaling that it is losing steam following last week’s relatively flat performance.
Volumes were -40.04% below the previous year’s average levels (38,592,000 vs. 64,338,465), as market participants have clearly begun to show signs of caution in regards to the U.S. election & international relations in October.
For comparison, using April 21, 2024’s Market Review Note‘s prior year’s average volume of 78,101,687 (last peak volume was 4/19/2024 before volumes began to significantly decline) the current prior year’s average volume is -17.62% lower & the past week’s volume was -50.59% lower.
Now let’s look at what happened last week.
Monday kicked the week off on a gap up session that continued to climb higher, closing with only a small upper shadow, but on less than stellar volume.
Profit taking & warning lights began flashing on Tuesday, when the day’s session resulted in a bearish engulfing candle on a declining session on volume that eclipsed the rest of the month, minus 10/1/2024’s declining session’s volume.
Wednesday opened in-line with Tuesday’s close & saw more selling temporarily as more investors took profits following Monday’s gap up & the week before’s advances (there was no market note last week as I was on vacation).
The session also had the lowest volume of the week, and given the week was weak, it may be the start of investors becoming extremely cautious as we run up to the U.S. Presidential Election.
The cautious attitude continued into Thursday, as while the session advanced on the day to set a new all-time high for SPY, it opened on a gap up, nudged higher (minuscule upper shadow), before tumbling to close just above the prior day’s close, closing lower than it opened (bearish).
Thursday’s volume was also the second lowest of the week, adding confirmation to the already bearish looking set up.
Friday’s session opened midway through Thursday’s candle’s real body range & resulted in a hanging man candle that closed lower than it opened, with limited test to the upside (small upper shadow) & the day’s low was slightly higher than Thursday’s low.
What is even more interesting about Friday’s session is that the candle formed a harami pattern with Thursday’s.
Typically an advancing session (+0.38% intraday) is considered bullish, which would mark this a bullish harami.
However, given the fact that it closed below its open & resulted in a filled candle, there is plenty of bearish sentiment & reason to interpret it as a bearish harami, which when paired with the low volume & other bearish elements of the week reason for caution moving into the week ahead.
Aside from the previously mentioned potential market moving news, there is a plethora of earnings reports due out this week that are all outlined in “The Week Ahead” at the bottom of this article which may be a catalyst for more volatility in the coming week, along with the Fed’s Beige Book being released on Wednesday.
Those earnings calls will be something to keep an eye on in the coming week, as will the volume levels of the week, as if Wednesday’s volume stands as a spike it will likely down the road be viewed as a reversal point, especially with how bearish the rest of the week was (even if it did advance slightly higher).
The next order of business will be to watch how the 10 day moving average holds up as a support level in the event of a leg down, as it is currently at a level where there is not much historic volume data to based how investor sentiment may be should that test come.
While there is a light support zone between $561.89 & $563.43, that begins -3.62% from Friday’s closing price.
It’s worth noting that $561.89 is the 50 day moving average & it will continue rising as time progresses, pinching the zone smaller & smaller as days pass.
While the touch-points in this zone are all historically dominated by Buyers at a rate of 10:1 by volume (see “Volume Sentiment” link below), this range has seen limited testing & sits near price extremes, so it has not seen much in terms of testing.
This can be seen when you consider the gap downs & wide-range declining sessions that took place at these levels, making any retest of these levels dilute the historic Buyer sentiment.
It would also be prudent to watch SPY’s RSI, as the last time it approached the overbought 70 mark it retreated rather than crossing over it like we’ve seen happen a majority of the other times it’s approached it this year.
If there is not an increase in volume as it approaches that level again it is a signal to take caution.
Also, referring to the 10 DMA point above, should price drop below it & it becomes a resistance level, look at the prior year’s examples of what’s happened when this occurs.
Given they’re at all-time highs there is little to review regarding their upside.
The table below breaks down volume sentiment at each price level SPY has traded at over the past ~2 years & can be referenced to see how strong or weak SPY’s support or resistance levels may be (the link explains how to read the table).
SPY has support at the $578.72 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $563.43 (Volume Sentiment: Buyers, 10:1), $562.48 (Volume Sentiment: Buyers, 10:1) & $561.89/share (50 Day Moving Average, Volume Sentiment: Buyers, 10:1) price levels, with resistance at the $586.12/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
SPY ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year
Their RSI is rising towards overbought levels & currently sits at 60.85, while their MACD is has flattened out but it bullish after dipping below the signal line for a couple of sessions.
Volumes were -33.43% lower than the prior year’s average volume (27,278,000 vs. 40,977,632), which as we just outlined in SPY is a reason to consider taking caution in the near-term.
Using the same 4/21/2024 market data as SPY’s comparison (49,155,742 was the average annual volume), the current average past year’s volume for QQQ is -16.64% lower, while last week’s average volume was -44.51% lower than that benchmark.
Now that the A.I. & Semiconductor trade has begun to wane in popularity we’ve witnessed a big shift in volumes between SPY & QQQ vs. IWM & DIA.
As noted, SPY & QQQ have moved in a much more similar manner to one another than the latter two index ETFs.
QQQ’s week also began on a gap up session where the day’s high marked a recent resistance level on volumes that were nothing to write home about.
Tuesday saw a -1.34% decline on the week’s highest volume, which is second highest for October minus 10/1/2024’s declining volume & formed a very large bearish engulfing candle.
Much of this was likely profit taking in the wake of the previous week’s run up & it should be noted that the 10 day moving average’s support managed to hold up, despite the day’s low testing it.
Bearishness & cautious sentiment carried on Wednesday, when QQQ opened opened just above the 10 day moving average’s support, briefly broke through it but managed to close the day as a dragonfly doji.
Dragonfly dojis tend to signal that there may be a price reversal move coming up, but given that there is no trend to reverse from & the low volume.
Thursday opened with a glimmer of optimism on a gap up, only to drag lower throughout the day & close in-line with the 10 DMA lower than it opened, another sign of caution.
Friday continued to theme of risk-off/take caution ahead as the session opened midway between Thursday’s real body range & closed as a harami cross.
Typically this would indicate that the current trend may be winding down & setting up to reverse, but the recent trading activity has been relatively choppy & not strongly trending in one way or another.
With this in mind, the week ahead will be time to watch the price of QQQ in relation to the 10 day moving average.
We’ll likely see a retest of it based on Fed speakers & earnings calls at some point in the week & how strong that support level holds up will be a key determinant of QQQ’s near-term performance.
This is going to be especially important given that the price range it sits in now is Seller dominated 3:1 over the past 2-3 years & the next two zones beneath it (table below) are Buyer dominated, but not by much.
If those zones are passed through we may see 5%+ declines from Friday’s closing price as the two zones beneath it favor the Sellers.
There is also only one support level that falls into those two aforementioned Buyer zones, which will make it difficult for QQQ to find footing without sliding into those Seller zones.
In terms of the upside potential, the $498.83 mark is going to be an area to keep an eye on, as if volumes improve & prices are driven up above it there may be a possible run at the recent all-time high of $502.81.
QQQ has support at the $493.70 (Volume Sentiment: Buyers, 0.7:0*), $491.55 (10 Day Moving Average, Volume Sentiment: Sellers, 3:1), $484.86 (Volume Sentiment: Buyers, 1.6:0*) & $477.40/share (Volume Sentiment: Sellers, 1.05:1) price levels, with resistance at the $498.83 (Volume Sentiment: ) & $502.81/share (All-Time High, Volume Sentiment: Buyers, 0.6:0*) price levels.
QQQ ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year
Their RSI is trending down towards neutral but still sits closer to overbought levels at 63.84, while their MACD is bullish, but beginning to show signs of a bearish rollover in the near-term.
Volumes were -35.74% below the previous year’s average (22,194,000 vs. 34,538,583), which is bad given that IWM currently has a higher past year’s average volume than it did in April.
Compared to the 4/21/2024 market data where IWM’s prior year’s average volume was 34,864,840, IWM’s current prior year’s average volume is +0.94% higher, while last week’s volume was -35.74% lower.
Monday IWM started off on a sleepy note, when the week began with a very low volume session that opened just above Friday’s close, tested lower before trudging up to close the day out as an advancing session, but with lackluster participation.
Tuesday is when things began to get murky for IWM, as the session opened slightly higher, tested briefly into Monday’s range, before rocketing higher to break above the $225/share mark, when folks began taking profits & forced the price down so low that the day ended as a high wave candle & spinning top.
This is troubling as the real body of the candle is concentrated at the bottom of the day’s range & the upper shadow is much higher than the lower, indicating that there was not enough bullish sentiment to keep climbing higher.
This makes Wednesday’s candle even more interesting, as the day began on a gap up, briefly tested lower before powering higher on the week’s highest volume.
It set the stage for the range that the rest of the week would trade in for IWM, as Thursday opened slightly higher, only to test down to the bottom of Wednesday’s candle’s real body & find bullish support around the $225/share mark & closed as a hanging man candle (bearish).
Bearish sentiment carried on into Friday as investors were not willing to carry small cap risk into the weekend & continued taking profits from the run-up of the past week.
While the last two sessions of the week were bearish, the volumes behind the movements was not particularly strong.
This week will be important to watch how the window created by Wednesday’s gap up holds up or if it becomes filled, as Wednesday’s session’s high was unable to reach the 52-week high set in July.
Should that window be filled there will be a pair of support touch-points in the $221.57-221.69 (first number may increase as it is the 10 DMA) which will prove to be vital for IWM’s price, as should they break down there are no other support levels until it enters a Seller dominated price zone where they’ve outnumbered Buyers 3.3:1.
The good news is that this support level is the 50 day moving average, which will continue higher, but if IWM declines below that & both the 10 & 50 DMAs are applying resistance & downward pressure on the price there are no support levels again until $210.57.
Volume will be imperative to watch as well, as it may lend clues into which way IWM will break out as the current volume levels are lackluster & reflect cautious sentiment.
IWM has support at the $221.69 (Volume Sentiment: Buyers, 2.86:1), $221.57 (10 Day Moving Average, Volume Sentiment: Buyers, 2.86:1), $216.16 (50 Day Moving Average, Volume Sentiment: Sellers, 3.3:1) & $210.57/share (Volume Sentiment: Buyers, 2:1) price levels, with resistance at the $227.17 (Volume Sentiment: Buyers, 1.6:0*) & $227.85/share (52-Week High, Volume Sentiment: Buyers, 1.6:0*) price levels.
IWM ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
DIA ETF – SPDR Dow Jones Industrial Average ETF’s Technical Performance Over The Past Year
Their RSI has flattened just beneath the overbought level & currently sits at 68.43, while their MACD is still bullish, but may be losing steam if they do not advance early in the next week following the past two days’ relatively flat performance.
Volumes were -20.98% below the previous year’s average volume (2,762,000 vs. 3,495,512), as investors have even grown cautious around the blue chip index names.
Compared to the 4/21/2024 market data when DIA’s average prior year’s volume was 3,508,088, DIA’s current prior year’s average volume is -0.36% lower & their past week’s volume was -21.27% lower.
DIA’s week began on a bullish note, although their RSI was nudging up against the overbought level, which helped pave the way for the more cautious approach the rest of the week took.
They opened just below Friday’s close before powering higher, but it should be noted it was on the week’s weakest volume.
Tuesday opened lower & was unable to find any footing as profit taking pushed DIA’s price down into the close on the week’s second highest volume, which indicated that in addition to the desire to capture profits, there was also a bit of uneasiness gripping into DIA’s pricing.
Wednesday’s session produced a bullish engulfing candle, but again, on light volume which did not indicate that there was a potential breakout at-hand.
Thursday gapped up, but the day resulted in a dragonfly doji with the week’s highest volume.
This would normally be something of more interest & perhaps carry more bullish implications, but given it set a new all-time high & tested down almost to Wednesday’s high it appears that market participants were not overly eager to continue pushing higher.
This was confirmed Friday when the session resulted in another dragonfly doji, on lower volumes, that also saw a bit of bearish selling pressure as market participants were ready to take some chips down from the table heading into the weekend.
Friday was also the second lowest volume of the week, which makes Thursday’s price movement look even less remarkable.
Heading into this week it will be interesting to watch if DIA is able to trudge any higher, given that they hit the all-time high so late in the week (Friday).
The window created by Thursday’s open will also be an area to watch in to see if it becomes filled, as well as DIA’s RSI, as it has flattened out just below the overbought mark of 70 & will need to split one way or the other in the near-term.
While the table below is one month old & may need to be refreshed, the low volume environment DIA has traded in has caused a set up where for the next -2.92% from Friday’s closing price there is limited Buyer:Seller information to gauge sentiment.
With that in mind, keep an eye on the volumes that you see coming in during the week to get an idea as to how market participants may be slanted in terms of their near-term outlook.
Also, should the 10 Day Moving Average’s support break down, there is support at the $426.05/share level (-1.52%), before nothing for an additional -1.86%, which is when DIA returns to Buyer dominated price levels for another ~3%.
One thing of note though is that with the exception of $408-411.99, these Buyer zones are relatively untested so far by Sellers, and it would be wise to keep that in mind should these price levels be tested.
DIA has support at the $427.18 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $426.05 (Volume Sentiment: NULL, 0:0*), $418.12 (Volume Sentiment: Buyers, 02.:0*) & $415.17/share (Volume Sentiment: Buyers, 0.8:0*) price levels, with resistance at the $433.20/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
DIA ETF’s Price Level:Volume Sentiment Over The Past ~3 Years
The Week Ahead
Monday kicks off with Fed President Logan speaking at 8:55 am, followed by U.S. Leading Economic Indicators data at 10 am.
Sandy Spring Banc reports earnings Monday morning before the opening bell before AGNC Investment, Alexandria RE, BOK Financial, Cadence Bank, Cathay Bancorp, Equity Lifestyle Properties, HealthStream, Hexcel, Medpace Holdings, Nucor, Simpson Manufacturing, W.R. Berkley & Zions Bancorp report after the session’s close.
Fed President Harker speaks Tuesday morning at 10 am.
Tuesday morning’s earnings calls include GE Aerospace, Verizon, 3M, A.O. Smith, Atlantic Union Bankshares, Banc of California, Comcast, Community Financial System, Danaher, Denny’s, Fiserv, Freeport-McMoRan, GATX, General Motors, Genuine Parts, Herc Holdings, Interpublic, Invesco, Kimberly-Clark, Lockheed Martin, Moody’s, Old National Bancorp, PACCAR, Pentair, Philip Morris International, Polaris Industries, PulteGroup, Quest Diagnostics, RTX & Sherwin-Williams, with Agree Realty, Baker Hughes, Brandywine Realty, Canadian National Railway, CoStar Group, East West Bancorp, Enova International, Enphase Energy, Highwoods Properties, JBT Corp, Manhattan Associates, Matador Resources, Nabors Industries, National Bank, Packaging Corp of America, PennyMac, Range Resources, Retail Opportunity Investments, Robert Half, Seagate Technology, Stride, Texas Instruments, Trustmark, Valmont Industries, Veritex Holdings & Vicor all reporting after the closing bell.
Wednesday brings us Existing Home Sales data at 10 am & the Fed’s Beige Book at 2pm.
Amphenol, AT&T, Avery Dennison, Boeing, CME Group, Coca-Cola, Constellium, Evercore, GE Vernova, General Dynamics, Healthcare Services Group, Hilton, KBR, Lennox International, Lithia Motors, Mr. Cooper Group, New Oriental Education & Technology, NextEra Energy, NextEra Energy Partners, Northern Trust, Old Dominion, PROG Holdings, Prosperity Bancshares, Roper, Stifel Financial, Taylor Morrison Home, Teledyne Technologies, Thermo Fisher Scientifi, TransUnion, Travel + Leisure Co, UniFirst, United Community Banks, Vertiv Holdings, Westinghouse Air Brake Technologies, Watsco & Winnebago are all due to report earnings before Wednesday’s opening bell, with Tesla, Align Technology, Ameriprise Financial, ASGN Incorporated, CACI International, Canadian Pacific Kansas City, Celestica, Century Communities, Churchill Downs, Community Health, Core Labs, EastGroup, Equity Commonwealth, Essential Properties Realty Trust, Globe Life, Goosehead Insurance, Graco, Greenbrier, International Business Machines, ICON, Impinj, Kaiser Aluminum, Knight-Swift Transportation Holdings, Lam Research, Las Vegas Sands, Lending Club, Mattel, MaxLinear, Moelis, Molina Healthcare, MSA Safety, Newmont, O’Reilly Automotive, Oceaneering International, Pathward Financial, Patterson-UTI, Pegasystems, Plexus, QuantumScape, Raymond James, Rollins, Sallie Mae, SEI Investments, ServiceNow, Simulations Plus, South State, Stewart Info, T-Mobile US, Teradyne, Tyler Technologies, United Rentals, Veralto, Viking Therapeutics, Waste Connections, WesBanco, Western Union, Whirlpool & Wyndham Hotels & Resorts reporting after the session’s close.
Initial Jobless Claims data comes out Thursday morning at 8:30 am, followed by S&P Flash U.S. Services PMI & S&P Flash U.S. Manufacturing PMI data at 9:45 am & New Homes Sales data at 10 am.
Thursday morning’s earnings calls include ADT, Alkermes, Allegion, AllianceBernstein, American Airlines, Applied Industrial, Berkshire Hills Bancorp, Bread Financial, Brunswick, Carpenter Technology, Carrier Global, CBRE Group, Columbia Banking, Dover, Dow, DTE Energy, Euronet, Expro Group, First Merchants, FirstService, FTI Consulting, Harley-Davidson, Hasbro, Honeywell, Integer Holdings, Keurig Dr Pepper, KKR, Labcorp Holdings, Lear, Life Time, Lindsay Corp, LKQ, MSC Industrial, NASDAQ, NetScout Systems, Northrop Grumman, OSI Systems, Pacific Premier, Pool, Radius Recycling, Reliance, Rogers Communications, RPC, Ryder System, S&P Global, Simply Good Foods, Sonic Automotive, Southside Banc, Southwest Air, TechnipFMC, Teck Resources, Textron, Tractor Supply, TRI Pointe Homes, Union Pacific, United Parcel Service, Valero Energy, Valley National, Virtu Financial, Visteon, Wabash National, West Pharmaceutical Services & WEX, followed by Ameris Bancorp, AppFolio, AptarGroup, Arthur J. Gallagher, Associated Banc-Corp, Beyond, Boston Beer, Boyd Gaming, Capital One, Carlisle Cos, Cincinnati Financial, Coursera, Cousins Properties, Deckers Outdoor, Dexcom, Digital Realty Trust, Edwards Lifesciences, Exponent, Federated Hermes, First Financial Bancorp, First Interstate Bancsystem, Gaming and Leisure Properties, Glacier Bancorp, Hartford Financial, Healthpeak Properties, Kinsale Capital, Knowles, L3Harris, McGrath RentCorp, Minerals Technologies, Mohawk Industries, NOV Inc., Olin, Phillips Edison & Company, Piedmont Office Realty Trust, Principal Financial Group, ResMed, Seacoast Banking, Skechers USA, SPS Commerce, SS&C Technologies, Texas Roadhouse, Tronox, Universal Health, VeriSign, Western Digital, Weyerhaeuser & WSFS Financial after the closing bell.
Friday the week winds down with Durable-Goods Orders & Durable-Goods Minus Transportation data at 8:30 am, followed by Consumer Sentiment (final) data at 10 am.
The week winds down with Aon, AutoNation, Avantor, Balchem, Barnes Group, Booz Allen Hamilton, Centene, Colgate-Palmolive, First Hawaiian, Gentex, HCA, Lakeland Financial, New York Community, Newell Brands, Piper Sandler, Portland General Electric, Saia, Sanofi, Sensient, Stellar Bank, TriNet Group & WisdomTree reporting 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 ***
The VIX closed at 18.03, indicating an implied one day move of +/-1.14% & an implied one month move of +/-5.21%.
Highest Technical Rated S&P 500 Components Per 10/18/2024’s Close:
1 – VST
2 – UAL
3 – PLTR
4 – CEG
5 – RCL
6 – NCLH
7 – NVDA
8 – IRM
9 – AXON
10 – BX
Lowest Technical Rated S&P 500 Components Per 10/18/2024’s Close:
1 – MRNA
2 – DLTR
3 – DG
4 – SMCI
5 – ENPH
6 – ELV
7 – HUM
8 – CNC
9 – MOH
10 – DXCM
Highest Volume Rated S&P 500 Components Per 10/18/2024’s Close:
1 – NFLX
2 – SNA
3 – WRB
4 – BG
5 – CVS
6 – ED
7 – BRO
8 – ISRG
9 – RJF
10 – AXP
Lowest Volume Rated S&P 500 Components Per 10/18/2024’s Close:
1 – CZR
2 – GLW
3 – INCY
4 – AXON
5 – HSIC
6 – CEG
7 – SMCI
8 – BAX
9 – LVS
10 – NCLH
Highest Technical Rated ETFs Per 10/18/2024’s Close:
1 – JNUG
2 – NVDX
3 – NVDL
4 – NVDU
5 – UTSL
6 – NUGT
7 – YINN
8 – BABX
9 – NAIL
10 – AGQ
Lowest Technical Rated ETFs Per 10/14/2024’s Close:
1 – NVDQ
2 – YANG
3 – NVD
4 – MRNY
5 – JDST
6 – NVDS
7 – FXP
8 – SSG
9 – BOIL
10 – DUST
Highest Volume Rated ETFs Per 10/14/2024’s Close:
1 – UCRD
2 – BHYB
3 – SRHR
4 – BLCV
5 – DOCT
6 – PJFM
7 – UMAR
8 – GDIV
9 – FDVL
10 – SCLZ
Lowest Volume Rated ETFs Per 10/18/2024’s Close:
1 – SECR
2 – XHYT
3 – UNIY
4 – MDLV
5 – RAYD
6 – MVFD
7 – PSMR
8 – CTEX
9 – WEIX
10 – SHUS
Highest Technical Rated General Stocks Per 10/18/2024’s Close:
1 – GEVO
2 – WLGS
3 – SEVCF
4 – BASA
5 – CAPR
6 – STEC
7 – LTBR
8 – AZ
9 – WVE
10 – ATNF
Lowest Technical Rated General Stocks Per 10/18/2024’s Close:
1 – CETX
2 – YELLQ
3 – GRTS
4 – DMSLQ
5 – BYU
6 – MMATQ
7 – BSLK
8 – MULN
9 – XXII
10 – VMAR
Highest Volume Rated General Stocks Per 10/18/2024’s Close:
1 – VTAK
2 – OUT
3 – BIVI
4 – TWO
5 – HTCR
6 – CYCC
7 – EFSH
8 – PEGY
9 – HEPS
10 – HENC
Lowest Volume Rated General Stocks Per 10/18/2024’s Close:
1 – YBGJ
2 – CTXXF
3 – ZCMD
4 – LIANY
5 – OLNCF
6 – PSYTF
7 – HEWA
8 – GLGI
9 – ROKRF
10 – BTSGU
*** 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 19.11, indicating an implied one day move of +/-1.2% & a one month implied move of +/-5.52%.
Highest Technical Rated S&P 500 Components Per 10/17/2024’s Close:
1 – VST
2 – UAL
3 – PLTR
4 – CEG
5 – NCLH
6 – RCL
7 – NVDA
8 – CCL
9 – FICO
10 – AXON
Lowest Technical Rated S&P 500 Components Per 10/17/2024’s Close:
1 – MRNA
2 – DLTR
3 – DG
4 – HUM
5 – DXCM
6 – ELV
7 – ENPH
8 – SMCI
9 – CNC
10 – EL
Highest Volume Rated S&P 500 Components Per 10/17/2024’s Close:
1 – ELV
2 – MOH
3 – EXPE
4 – CNC
5 – BX
6 – NFLX
7 – SNA
8 – EFX
9 – STLD
10 – UBER
Lowest Volume Rated S&P 500 Components Per 10/17/2024’s Close:
1 – TFX
2 – INCY
3 – EQR
4 – PTC
5 – PNR
6 – HSIC
7 – IT
8 – EXR
9 – L
10 – CPB
Highest Technical Rated ETFs Per 10/17/2024’s Close:
1 – NVDX
2 – NVDL
3 – NVDU
4 – DPST
5 – UTSL
6 – FAS
7 – DFEN
8 – JNUG
9 – PSIL
10 – NAIL
Lowest Technical Rated ETFs Per 10/17/2024’s Close:
1 – NVDQ
2 – NVD
3 – YANG
4 – MRNY
5 – NVDS
6 – SSG
7 – BOIL
8 – JDST
9 – FXP
10 – DUST
Highest Volume Rated ETFs Per 10/17/2024’s Close:
1 – IQSI
2 – IQSM
3 – IWLG
4 – CVRD
5 – PJFM
6 – FCFY
7 – PBNV
8 – IQSU
9 – MSTI
10 – PJFV
Lowest Volume Rated ETFs Per 10/17/2024’s Close:
1 – UNIY
2 – ZHDG
3 – XHYC
4 – XHYE
5 – NJUN
6 – EHLS
7 – CPLS
8 – XFLX
9 – JUNZ
10 – USCA
Highest Technical Rated General Stocks Per 10/17/2024’s Close:
1 – DRUG
2 – WLGS
3 – GEVO
4 – NIXX
5 – BASA
6 – CAPR
7 – STEC
8 – ASPU
9 – WAVE
10 – QUEXF
Lowest Technical Rated General Stocks Per 10/17/2024’s Close:
1 – CETX
2 – UAVS
3 – ADTX
4 – BYU
5 – SLXN
6 – WTO
7 – MULN
8 – IVP
9 – EGRX
10 – WINT
Highest Volume Rated General Stocks Per 10/17/2024’s Close:
1 – NIXX
2 – STAF
3 – PIXY
4 – NTBL
5 – TWO
6 – BREA
7 – NUZE
8 – UPXI
9 – MTEM
10 – NCPL
Lowest Volume Rated General Stocks Per 10/17/2024’s Close:
1 – ALPIB
2 – LGL
3 – JWSM
4 – MXC
5 – PAVS
6 – NSRCF
7 – SVT
8 – VERO
9 – TCTM
10 – MHH
*** 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 ***
DPST, the Direxion Daily Regional Banks Bull 3x Shares ETF has had an impressive year, advancing +123.71% for the year, 203.19% since their 52-week low in October of 2023 & currently sits just -3.62% below their 52-week high set in July of 2024 (all figures exclude distributions).
Some of their largest holdings include Regions Financial (RF), M&T Bank (MTB), Citizens Financial Group Shares (CFG), Huntington Bancshares (HBAN), Truist Financial Corporation (TFC), First Horizon Corporation (FHN), Zions (ZION), Western Alliance (WAL), Bank Ozk (OZK), & Webster Financial Corporation (WBS).
Below is a brief technical analysis of DPST’s past week & a half, as well as a price level:volume sentiment analysis of the price levels DPST has traded at over the past year.
Included in this data is also their recent support & resistance levels so that readers can gain insight into how strong/weak these support/resistance levels may be in the future, based on past investor behavior.
It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence on DPST.
Technical Analysis Of DPST, The Direxion Daily Regional Banks Bull 3x Shares ETF
DPST ETF – Direxion Daily Regional Banks Bull 3x Shares ETF’s Technical Performance Over The Past Year
Their RSI is trending into overbought territory & currently sits at 68.5, while their MACD is currently bullish in the wake of the run up that began last Wednesday.
Volumes were -22.97% below the prior year’s average over the past week & a half (1,115,638.75 vs. 1,448,306.05), indicating that there may not be sustainable strength in the near-term to continue pushing DPST higher, despite yesterday’s close coming in above the previous two price peaks of the past two months.
Last week began on an uncertain note after the previous Friday’s gap up long-legged doji closed nestled in between the 10 & 50 day moving averages, as Monday’s session was a slight decline that resulted in a doji candle that straddled the 10 day moving average’s support.
Volumes were not noteworthy on this decline though, particularly when compared to the prior day’s advancing volume.
The next day opened on a gap up that was able to test slightly higher, but ultimately lacked the steam to continue higher & the session crashed below the support of the 10 & 50 DMAs, closing just beneath them on similarly lackluster volume.
Wednesday marked a weak reversal point after the prior three sessions all closed lower than they opened, where the day opened slightly higher than Tuesday’s close, tested lower than Tuesday’s low, but ultimately rallied up to $98.49 & closed at $96.56, signaling that the bulls were back in control & that the 10 & 50 DMAs were now support levels.
Some short term profit taking occurred on Thursday, albeit a low amount given the session’s volume, where the day opened about midway between Wednesday’s candle’s real body, temporarily declined below the 10 & 50 day moving averages’ support, before recovering to test above Wednesday’s close & settled for the day just beneath it.
This created a bearish harami based on the day’s decline, but given that the session closed higher than it opened this is negated & it can be seen as a bullish implication.
Friday confirmed this, when investors piled into DPST at the highest one-day rate since 10/1/2024 on a gap up session that ran higher resulting in a 10% day-over-day advance.
Monday the climb higher continued, despite some test into Friday’s trading range the bulls regained control & pushed DPST to a higher close for the session.
Thursday is where things began to look a little shaky & investors began to signal that their risk tolerance may be waning, as DPST opened on a gap up at $110.18, tested slightly into Wednesday’s candle’s real body, before charging higher up to $119.10.
However, this resulted in a bit of profit taking after the run up of the past week & the day’s high fell within 1.32% of the 52-week high, which sent prices to close -6.12% below the day’s high at $111.81, a +2.9% advance day-over-day.
Yesterday similarly opened on a gap up for DPST, with a slight test lower before it made another run at the 52-week high, but was stopped at $119.80 & closed slightly below that at $116.91 (-2.41% off of the day’s high).
Volumes of the past two days were stronger than most of the month of October to date, but DPST will need a larger push in terms of participation to break through their current only resistance level, the 52-week high.
This becomes particularly evident when looking back at the low of mid-June that led into the month & a half long rally to reach the 52-week high on 7/31/2024.
The good news is that DPST has been achieving higher peaks & higher troughs since it’s early-August decline, but even as of today’s high (10/17/2024) of $120.42 they have not been able to break out above the 52-week high.
Recent momentum will be difficult to continue without some profit taking & declines in the coming days-week(s), especially given their current RSI reading & low participation rate (volume).
In terms of the downside & DPST’s support levels, they are all NULL (not 0, but not enough data to form a meaningful ratio yet) or Buyer dominated until the $99-99.99/share price level, which is Seller dominated & sits -15.32% below yesterday’s closing price.
Upon a closer examination of their chart this makes sense given the way they’ve advanced rapidly with frequent gap ups (due to the 3x levered nature of the ETF), while declining days tend to occur in consecutive clusters of wide-range declining sessions.
The table in the section below is meant to serve as a barometer, indicating where investor sentiment has been more strongly positive/negative in terms of price levels & support/resistance levels.
An example, the $112-113.99/share price zone has been dominated by Buyers over the past year at a rate of 1.07:1, while $110-111.99 has seen Buyers come out in packs of 2.43:1 Seller, which means that there may be stronger support in the latter price level given past behavior.
These readings can in turn be used to assess the likelihood of support/resistance holding up, or being broken through based on previous investor behavior.
It is not intended to serve as financial advice, but rather is an additional tool that can be used as part of your own due diligence process.
Price Level:Volume Sentiment Analysis For DPST, The Direxion Daily Regional Banks Bull 3x Shares ETF
The top table below shows the support & resistance levels of DPST from the past year’s chart, as well as their price level:volume sentiment at each, using Wednesday 10/16/24’s closing price.
The moving averages are denoted with bold.
The next charts show the volume sentiment at each individual price level DPST has traded at over the past year (excluding the extreme lows of the year).
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 DPST ETF.
DPST ETF’s Price Level:Volume Sentiment Over The Past Year
DPST ETF’s Price Level:Volume Sentiment Over The Past Year
Price Level:Volume Sentiment For DPST ETF Over The Past Year
Price Level:Volume Sentiment For DPST ETF Over The Past Year
$122 – NULL – 0:0*, +4.35% From Current Price Level
$120 – NULL – 0:0*, +2.64% From Current Price Level
$118 – Buyers – 3:0*, +0.93% From Current Price Level
$116 – NULL – 0:0*, -0.78% From Current Price Level – Current Price Block*
$114 – Buyers – 1.7:0*, -2.49% From Current Price Level
$112 – Buyers – 1.07:1, -4.2% From Current Price Level
$110 – Buyers – 2.43:1, -5.91% From Current Price Level
$108 – NULL – 0:0*, -7.62% From Current Price Level
$106 – Buyers – 10.6:0*, -9.33% From Current Price Level
$104 – Buyers – 2.06:1, -11.04% From Current Price Level
$102 – Buyers – 1.9:1, -12.75% From Current Price Level
$100 – Buyers – 3.63:1, -14.46% From Current Price Level – 10 Day Moving Average*
$99 – Sellers – 2.28:1, -15.32% From Current Price Level
$98 – Buyers – 1.92:1, -16.17% From Current Price Level
$97 – Sellers – 6.6:0*, -17.03% From Current Price Level
$96 – Buyers – 2.2:1, -17.89% From Current Price Level
$95 – Buyers – 4.67:1, -18.74% From Current Price Level – 50 Day Moving Average*
$94 – Buyers – 3.4:0*, -19.6% From Current Price Level
$93 – Sellers – 1.5:0*, -20.45% From Current Price Level
$92 – Buyers – 1.41:1, -21.31% From Current Price Level
$91 – Buyers – 1.5:0*, -22.16% From Current Price Level
$90 – Sellers – 4.4:0*, -23.02% From Current Price Level
$89 – Sellers – 1.19:1, -23.87% From Current Price Level
$88 – Sellers – 3.7:0*, -24.73% From Current Price Level
$87 – Buyers – 4.7:0*, -25.58% From Current Price Level
$86 – Sellers – 3.3:0*, -26.44% From Current Price Level
$85 – NULL – 0:0*, -27.29% From Current Price Level
$84 – NULL – 0:0*, -28.15% From Current Price Level
$83 – Buyers – 3.4:0*, -29.01% From Current Price Level
$82 – Buyers – 1.07:1, -29.86% From Current Price Level
$81 – Buyers – 8:0*, -30.72% From Current Price Level
$80 – Sellers – 5.5:0*, -31.57% From Current Price Level – 200 Day Moving Average*
$79 – Buyers – 1.32:1, -32.43% From Current Price Level
$78 – Buyers – 2.14:1, -33.28% From Current Price Level
$77 – NULL – 0:0*, -34.14% From Current Price Level
$76 – Sellers – 1.53:1, -34.99% From Current Price Level
$75 – Buyers – 2:0*, -35.85% From Current Price Level
$74 – Sellers – 1.2:0*, -36.7% From Current Price Level
$73 – Buyers – 2.27:1, -37.56% From Current Price Level
$72 – Buyers – 2.8:0*, -38.41% From Current Price Level
$71 – Buyers – 2.8:0*, -39.27% From Current Price Level
$70 – Buyers – 1.7:0*, -40.12% From Current Price Level
$69 – Buyers – 8.6:0*, -40.98% From Current Price Level
$68 – Sellers – 1.74:1, -41.84% From Current Price Level
$67 – Buyers – 1.21:1, -42.69% From Current Price Level
$66 – NULL – 0:0*, -43.55% From Current Price Level
$65 – Buyers – 1.31:1, -44.4% From Current Price Level
$64 – Buyers – 1.12:1, -45.26% From Current Price Level
$63 – Buyers – 5:0*, -46.11% From Current Price Level
$62 – Buyers – 1.46:1, -46.97% From Current Price Level – Double Touch-Points*
$61 – Sellers – 3:1, -47.82% From Current Price Level
$60 – Buyers – 3.33:1, -48.68% From Current Price Level
$59 – Sellers – 2.13:1, -49.53% From Current Price Level
$58 – Sellers – 4.88:1, -50.39% From Current Price Level
$57 – Sellers – 3:0*, -51.24% From Current Price Level
$56 – NULL – 0:0*, -52.1% From Current Price Level
*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN DPST AT THE TIME OF PUBLISHING THIS ARTICLE ***
The VIX closed at 19.58 for the day, indicating an implied one day move of +/-1.23% & an implied one month move of +/-5.66%.
Highest Technical Rated S&P 500 Components Per 10/16/2024’s Close:
1 – VST
2 – UAL
3 – PLTR
4 – CEG
5 – NCLH
6 – RCL
7 – CCL
8 – FICO
9 – AXON
10 – NVDA
Lowest Technical Rated S&P 500 Components Per 10/16/2024’s Close:
1 – MRNA
2 – DLTR
3 – DG
4 – HUM
5 – DXCM
6 – ENPH
7 – INTC
8 – SMCI
9 – EL
10 – ALGN
Highest Volume Rated S&P 500 Components Per 10/16/2024’s Close:
1 – UAL
2 – JBHT
3 – MS
4 – USB
5 – ULTA
6 – KLAC
7 – D
8 – OMC
9 – WBA
10 – ALGN
Lowest Volume Rated S&P 500 Components Per 10/16/2024’s Close:
1 – K
2 – DELL
3 – LVS
4 – INCY
5 – TRGP
6 – UDR
7 – PSX
8 – CPB
9 – GDDY
10 – ETN
Highest Technical Rated ETFs Per 10/16/2024’s Close:
1 – PSIL
2 – UTSL
3 – NVDX
4 – NVDL
5 – NVDU
6 – DPST
7 – BABX
8 – NAIL
9 – YINN
10 – DFEN
Lowest Technical Rated ETFs Per 10/16/2024’s Close:
1 – NVDQ
2 – NVD
3 – YANG
4 – MRNY
5 – NVDS
6 – SSG
7 – BOIL
8 – FXP
9 – JDST
10 – MEXX
Highest Volume Rated ETFs Per 10/16/2024’s Close:
1 – APRT
2 – PBNV
3 – GLOW
4 – PJIO
5 – GVUS
6 – PSIL
7 – IZRL
8 – PSCQ
9 – PABU
10 – EWP
Lowest Volume Rated ETFs Per 10/16/2024’s Close:
1 – SECR
2 – OOSP
3 – UNIY
4 – OCTZ
5 – SEPZ
6 – XHYI
7 – USCA
8 – XHYC
9 – ARP
10 – CIL
Highest Technical Rated General Stocks Per 10/16/2024’s Close:
1 – DRUG
2 – STEC
3 – WLGS
4 – ATNF
5 – CAPR
6 – VS
7 – BASA
8 – QUEXF
9 – WAVE
10 – WVE
Lowest Technical Rated General Stocks Per 10/16/2024’s Close:
1 – ELOX
2 – CETX
3 – HPCO
4 – UAVS
5 – GRTS
6 – ADTX
7 – BYU
8 – SLXN
9 – MULN
10 – ARTH
Highest Volume Rated General Stocks Per 10/16/2024’s Close:
1 – ATNF
2 – SLG
3 – SAIH
4 – QNRX
5 – PRQR
6 – OUT
7 – VS
8 – CTCX
9 – BDRX
10 – AIFF
Lowest Volume Rated General Stocks Per 10/16/2024’s Close:
1 – SVBL
2 – CMRZF
3 – DBLVF
4 – PETV
5 – NVACF
6 – AVAI
7 – COE
8 – BENF
9 – HRGN
10 – SMAGF
*** 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 20.64, indicating an implied one day move of +/-1.3% & a one month implied move of +/-5.97% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 10/15/2024’s Close:
1 – VST
2 – PLTR
3 – UAL
4 – NCLH
5 – CEG
6 – RCL
7 – CCL
8 – FICO
9 – AXON
10 – ORCL
Lowest Technical Rated S&P 500 Components Per 10/15/2024’s Close:
1 – MRNA
2 – DLTR
3 – DG
4 – DXCM
5 – HUM
6 – ENPH
7 – SMCI
8 – INTC
9 – EL
10 – ALGN
Highest Volume Rated S&P 500 Components Per 10/15/2024’s Close:
1 – WBA
2 – SBAC
3 – UNH
4 – KLAC
5 – AMAT
6 – C
7 – ENPH
8 – STT
9 – SCHW
10 – ANET
Lowest Volume Rated S&P 500 Components Per 10/15/2024’s Close:
1 – BWA
2 – K
3 – DELL
4 – NI
5 – INCY
6 – SMCI
7 – LUV
8 – DOV
9 – CNP
10 – MKC
Highest Technical Rated ETFs Per 10/15/2024’s Close:
1 – PSIL
2 – BABX
3 – UTSL
4 – NVDX
5 – NVDL
6 – DPST
7 – NVDU
8 – DFEN
9 – FAS
10 – NAIL
Lowest Technical Rated ETFs Per 10/15/2024’s Close:
1 – NVD
2 – NVDQ
3 – YANG
4 – MRNY
5 – NVDS
6 – SSG
7 – JDST
8 – BOIL
9 – FXP
10 – MSOX
Highest Volume Rated ETFs Per 10/15/2024’s Close:
1 -PSIL
2 – PBNV
3 – PSH
4 – IXG
5 – NVIR
6 – EDEN
7 – IDGT
8 – XTRE
9 -MCSE
10 – IEUS
Lowest Volume Rated ETFs Per 10/15/2024’s Close:
1 – NUSB
2 – BHYB
3 – UNIY
4 – PAB
5 – MDCP
6 – LSGR
7 – XDJL
8 – SIXD
9 – QSWN
10 – EHLS
Highest Technical Rated General Stocks Per 10/15/2024’s Close:
1 – DRUG
2 – WAVE
3 – CAPR
4 – WLGS
5 – QUEXF
6 – IPNFF
7 – BASA
8 – SRRK
9 – DOGZ
10 – AIMLF
Lowest Technical Rated General Stocks Per 10/15/2024’s Close:
1 – CETX
2 – ADTX
3 – BYU
4 – SLXN
5 – MULN
6 – SEEL
7 – YELLQ
8 – EGRX
9 – WINT
10 – WTO
Highest Volume Rated General Stocks Per 10/15/2024’s Close:
1 – OUT
2 -ZPTA
3 – SGD
4 – DBGI
5 – JDZG
6 – ENVB
7 – SLRX
8 – PHUN
9 – STEC
10 – PIXY
Lowest Volume Rated General Stocks Per 10/15/2024’s Close:
1 – IPDN
2 – SENR
3 – ADMT
4 – CYAN
5 – TGL
6 – SATX
7 – VSTA
8 – NEN
9 – TLTFF
10 – EDVMF
*** 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 19.7 for the day, indicating an implied one day move of +/-1.24% & an implied one month move of +/-5.69%.
Highest Technical Rated S&P 500 Components Per 10/14/2024’s Close:
1 – VST
2 – PLTR
3 – CEG
4 – UAL
5 – NVDA
6 – FICO
7 – AXON
8 – TRGP
9 – NCLH
10 – RCL
Lowest Technical Rated S&P 500 Components Per 10/14/2024’s Close:
1 – MRNA
2 – DLTR
3 – DG
4 – WBA
5 – DXCM
6 – HUM
7 – SMCI
8 – BA
9 – ALGN
10 – INTC
Highest Volume Rated S&P 500 Components Per 10/14/2024’s Close:
1 – FAST
2 – WST
3 – ACGL
4 – WFC
5 – WBA
6 – AME
7 – SNA
8 – VMC
9 – JBHT
10 – BALL
Lowest Volume Rated S&P 500 Components Per 10/14/2024’s Close:
1 – INCY
2 – JNPR
3 – RTX
4 – ERIE
5 – BKR
6 – PARA
7 – CB
8 – EMR
9 – VTRS
10 – SBUX
Highest Technical Rated ETFs Per 10/14/2024’s Close:
1 – BABX
2 – YINN
3 – NVDX
4 – NVDL
5 – NVDU
6 – XPP
7 – USD
8 – CWEB
9 – UTSL
10 – DFEN
Lowest Technical Rated ETFs Per 10/14/2024’s Close:
1 – NVDQ
2 – NVD
3 – YANG
4 – SSG
5 – NVDS
6 – MRNY
7 – FXP
8 – SOXS
9 – BOIL
10 – GXLM
Highest Volume Rated ETFs Per 10/14/2024’s Close:
1 – MDCP
2 – FDVL
3 – FDGR
4 – PBNV
5 – ULVM
6 – FDCE
7 – BBIB
8 – CTEX
9 – SCLZ
10 – FDTB
Lowest Volume Rated ETFs Per 10/14/2024’s Close:
1 – NUSB
2 – XHYT
3 – XHYC
4 – XHYD
5 – FEBW
6 – SHDG
7 – GTR
8 – FEBT
9 – XHYI
10 – MARW
Highest Technical Rated General Stocks Per 10/14/2024’s Close:
1 – CAPR
2 – BASA
3 – QUEXF
4 – DOGZ
5 – WAVE
6 – WLGS
7 – SNAL
8 – SRRK
9 – WGS
10 – IPNFF
Lowest Technical Rated General Stocks Per 10/14/2024’s Close:
1 – CETX
2 – ADTX
3 – BYU
4 – SLXN
5 – EGRX
6 – WINT
7 – WTO
8 – YELLQ
9 – MULN
10 – BSLK
Highest Volume Rated General Stocks Per 10/14/2024’s Close:
1 – IVA
2 – RANI
3 – TVGN
4 – NAOV
5 – VERB
6 – MTEM
7 – LICN
8 – LBPH
9 – SGD
10 – XPON
Lowest Volume Rated General Stocks Per 10/14/2024’s Close:
1 – GPTRF
2 – AHOTF
3 – CNIKF
4 – SMREF
5 – AVCNF
6 – GASXF
7 – IDWM
8 – KPEA
9 – ARESF
10 – FWEDF
*** 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 22.64, indicating an implied one day move of +/-1.43% & an implied one month move of +/-6.54%.
Highest Technical Rated S&P 500 Components Per 10/7/2024’s Close:
1 – VST
2 – CEG
3 – PLTR
4 – AXON
5 – UAL
6 – FICO
7 – NRG
8 – GNRC
9 – ORCL
10 – TRGP
Lowest Technical Rated S&P 500 Components Per 10/7/2024’s Close:
1 – MRNA
2 – HUM
3 – DLTR
4 – WBA
5 – DG
6 – DXCM
7 – INTC
8 – SMCI
9 – BEN
10 – BIIB
Highest Volume Rated S&P 500 Components Per 10/7/2024’s Close:
1 – EG
2 – APD
3 – GNRC
4 – CNP
5 – ACGL
6 – ALL
7 – VST
8 – DUK
9 – RSG
10 – FANG
Lowest Volume Rated S&P 500 Components Per 10/7/2024’s Close:
1 – PNR
2 – DELL
3 – CRWD
4 – UPS
5 – CHRW
6 – DHR
7 – BWA
8 – CTSH
9 – IT
10 – VICI
Highest Technical Rated ETFs Per 10/7/2024’s Close:
1 – HDRO
2 – YINN
3 – CHAU
4 – CNXT
5 – KSTR
6 – BABX
7 – XPP
8 – CWEB
9 – ASHS
10 – CQQQ
Lowest Technical Rated ETFs Per 10/7/2024’s Close:
1 – YANG
2 – FXP
3 – NVDQ
4 – NVD
5 – GXLM
6 – MRNY
7 – TSLZ
8 – TSDD
9 – SSG
10 – NVDS
Highest Volume Rated ETFs Per 10/7/2024’s Close:
1 – UNIY
2 – AFLG
3 – TBFG
4 – CHAU
5 – EV
6 – INFR
7 – CNXT
8 – ASHS
9 – KALL
10 -KSTR
Lowest Volume Rated ETFs Per 10/7/2024’s Close:
1 – JANT
2 – SHUS
3 – IMAY
4 – BBEM
5 – FTHF
6 – GVUS
7 – NUSB
8 – IRVH
9 – XHYT
10 – ZTRE
Highest Technical Rated General Stocks Per 10/7/2024’s Close:
1 – CHSN
2 – BASA
3 – NXMR
4 – SRRK
5 – AMBO
6 – CAPR
7 – DUO
8 – TIGR
9 – QUEXF
10 – UXIN
Lowest Technical Rated General Stocks Per 10/7/2024’s Close:
1 – ADTX
2 – CETX
3 – MULN
4 – IVP
5 – TUPBQ
6 – WTO
7 – WINT
8 – UPC
9 – YELLQ
10 – APDN
Highest Volume Rated General Stocks Per 10/7/2024’s Close:
1 – AMBO
2 – RIME
3 – MYTE
4 – MAMA
5 – NYHX
6 – SOBR
7 – PETZ
8 – LOBO
9 – WETH
10 – QSG
Lowest Volume Rated General Stocks Per 10/7/2024’s Close:
1 – POROF
2 – GPTRF
3 – RSASF
4 – KTTA
5 – NAUFF
6 – QH
7 – GGGOF
8 – LFLY
9 – PLSDF
10 – PFLC
*** 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 advanced +0.26% last week, having the best week of the major four index ETFs, while the VIX closed the week out at 19.21, indicating an implied one day move of +/-1.21% & a one month implied move of +/-5.55% for the S&P 500.
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year
Their RSI is trending towards overbought levels after Friday’s gap up session & currently sits at 62.77, while their MACD is lightly bearish & sitting relatively flat with the signal line; again, as a result of Friday’s moves after crossing bearish a couple of days prior.
Volumes were still notably low, coming in -21.65% below the past year’s average volume (51,658,000 vs. 65,934,287), which as we highlighted last week marks a steep decline from where the prior year’s average volume readings were coming in at 5-6 months ago ( that market note here).
Monday began the week on a moderately upbeat note, there was the second highest volume of the week on a bullish session that despite dipping low enough to test the 10 day moving average’s support was able to find legs & close higher for the day.
It was not able to test the all-time high set the previous Thursday though, a clear sign that market participants have become exhausted & are not overly eager to chase SPY or its component stocks much higher.
Tuesday this uneasiness was confirmed when markets opened lower, and despite temporarily testing higher (shown by candle’s upper shadow), the session was largely bearish, with the week’s highest volume coming as bears pushed the price to break beneath the 10 DMA’s support temporarily, before rising back up to close the day just beneath it; clearly showing some cracks have formed.
Wednesday added more fuel to the fire, when SPY opened lower, tested lower, but ultimately rallied to end the day as an advancing session, but was unable to break above the resistance of the 10 DMA.
Things continued on this track into Thursday, when the session opened lower & floundered around all day to prove unable to break above the 10 DMA’s resistance, but to also show that there was not enough bearish sentiment among market participants to force prices to the low levels of the prior day.
Ultimately, Thursday ended in a spinning top candle in a declining session, indicating that there was a lot of uneasiness in the market & uncertainty regarding SPY.
This made Friday’s price action look like a squeeze, as the volume was the third highest of the week, but far below that of the top two days, prices opened on a gap up above the 10 DMA’s resistance, but intraday crossed below it’s support, only to rally higher but still close lower than the session opened as a hanging man candle.
While the MACD & RSI temporarily benefitted from this movement, it does not come across as being something with a solid foundation that is built to last & indicates that there is reason to be cautious in the coming week regarding SPY (And the other major indexes, for that matter).
Prices have similarly shown weakness in days leading up to days that manage to pop above the 10 DMA’s support only to fall in the coming sessions in May & August & given the existing weakness that we are seeing for SPY this looks to be the case coming into tomorrow.
Heading into the coming week the 10 DMA will continue to be an area of focus for SPY, as well as any volume clues that may come along with the price action, as despite overall volumes being lower than usual, there are still subtle clues that can be taken from the behavior of market participants about their current sentiment & next moves.
Last week’s support level notes will also be relevant this week (apologies for keeping this note brief, but I am on vacation & preparing for an all-day charity event tomorrow, as well as a hurricane the next day).
Those notes regarding the support for SPY all remain true, especially given the way the RSI & MACD moved over the past five days.
This week will feature a lot of Federal Reserve speakers, as well as the FOMC Minutes from the September meeting (released Wednesdays at 2pm) & big bank earnings kick off the next earnings season beginning on Friday.
Aside from that, there is also CPI, PPI & earnings from Domino’s Pizza & PepsiCo during the week, all of which will shed more light into the state of the average consumer & how they’re coping with inflation.
SPY has support at the $570.68 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $563.43 (Volume Sentiment: Buyers, 10:1), $562.48 (Volume Sentiment: Buyers, 10:1) & $553.17/share (Volume Sentiment: Buyers, 1.92:1) price levels, with resistance at the $574.71/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
SPY ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
QQQ, the Invesco QQQ Trust ETF that tracks the NASDAQ 100 added +0.12% last week, having the second strongest showing of the major four index ETFs.
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year
Their RSI is also trending higher towards overbought after Friday’s session & currently sits at 60.1, while their MACD remains bullish, but the MACD line is flat just above the signal line, which can lead to a bearish crossover in the coming days given how close together they are.
Volumes were -26.92% below the prior year’s average (30,578,000 vs. 41,840,661), as market participants are still not showing confidence or enthusiasm for the tech-heavy index.
Monday began on a similar shaky note as SPY, as while prices advanced for the session, they did test down to the 10 day moving average’s support during the sessions, indicating that there was downside appetite & blood in the water.
Bears came out in full force Tuesday, forcing prices to decline through the 10 DMA’s support on the week’s highest volume as investors began to show that QQQ is not on stable footing in the near-term & despite clawing back from the lows of the day’s candle’s lower shadow it was unable to close above the 10 DMA.
Wednesday the weakness & indecision theme continued, with QQQ opening lower, testing lower throughout the day & ultimately closing as a spinning top candle, indicating indecisiveness.
The 10 DMA’s resistance held up strength & it was the lowest volumes of the week, showing that there was not much conviction or enthusiasm for market participants to see QQQ go higher.
Thursday opened on a gap down & the bulls came back out to play, forcing QQQ higher, but still not being able to rally enough to force the close above the 10 DMA’s resistance, and the session closed out midway between the real body of Wednesday’s candle.
Friday reflected similar price movement that SPY saw, where a gap up day closed as a hanging man candle that closed lower than it opened while having crossed below the 10 DMA’s support, but managing to close above it.
This week keep an eye on the 10 DMA’s strength of support, as once it becomes a resistance level the recent tests have proven that it is likely to remain one for a while, as investors have not been keen to pick up risk much near it this past week.
The other primary concerns of last week are all still in play this week & can be found here: 9/29/2024’s Market Review Note.
QQQ has support at the $485.07 (10 Day Moving Average, Volume Sentiment: Buyers, 1.6:0*), $484.86 (Volume Sentiment: Buyers, 1.6:0*), $477.40 (Volume Sentiment: Sellers, 1.05:1) & $474.88/share (Volume Sentiment: Sellers, 1.08:1) price levels, with resistance at the $493.70 (Volume Sentiment: Buyers, 0.7:0*) & $502.81/share (All-Time High, Volume Sentiment: Buyers, 0.6:0*) price levels.
QQQ ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
IWM, the iShares Russell 2000 ETF declined -0.54% last week, as the small cap index was the least favored among market participants.
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year
Their RSI just bounced off of the neutral 50 mark & is moving higher towards overbought territory following Friday’s gap up session, while their MACD has crossed over bearishly last week.
Despite this bearish crossover the MACD line has flattened out, but it still sits beneath the signal line & is not likely to break above it this week, unless there is some major revelation that comes from the FOMC Minutes that not one has priced in, or a surprise in inflation data from CPI/PPI.
Volumes were also the lowest of all index ETFs, coming in -34.03% lower than the previous year’s average volume (23,138,000 vs. 35,072,964), as market participants have been less eager to get into small cap names over the past couple of weeks, after a rally in the index in the two weeks before that.
Monday started off IWM’s week on an ominous note, as IWM opened below the 10 day moving average, tested further lower, before rallying higher on volume that was average for the week (3rd highest), which was not a clear sign of strength & bullish conviction.
Tuesday the weakness really began to show, as the session opened about midway between the real body of Monday’s candle, but sellers drove the price down to below the $217.50/share mark & despite bull’s best efforts, the day closed out as a declining session.
Needless to say, this also happened to have been the highest volume session of the week, signaling that there was a lot of folks ready to hop out of the IWM pool at the price levels tested, and that while there was some appetite to push prices higher, the day’s close was still below the midway mark of the day’s range.
Wednesday the declines continued & indecision remained king as the session ended in a spinning top, but the close was higher than the opening gap down, signaling that there were muted signs of optimism for the small caps, and volumes were the lowest of the week.
Thursday’s long legged doji candle showed a lot of indecision & uncertainty in the small cap world for IWM, as prices covered the $217.23-215.08 range throughout the day, only to close slightly lower than they opened.
Friday’s +1.4% gap higher session was able to close above the 10 day moving average’s resistance, however the majority of the day’s price action took place below the 10 DMA’s resistance & the close was lower than the open, indicating weakness.
Friday did have the second highest volume of the week, which would be expected based on the wide range of prices that were tested that day, particularly to the downside.
Last week’s thoughts about the week ahead for IWM are all still also largely in play, as ultimately the week took a decline but only lost -0.54% W-o-W.
IWM has support at the $218.89 (10 Day Moving Average, Volume Sentiment: Sellers, 3.3:1), $214.37 (50 Day Moving Average, Volume Sentiment: Buyers, 1.69:1), $210.57 (Volume Sentiment: Buyers, 2:1) & $208.58/share (Volume Sentiment: Buyers, 2:1) price levels, with resistance at the $221.69 (Volume Sentiment: Buyers, 2.86:1), $224.17 (Volume Sentiment: Buyers, 1.6:0*) & $227.85/share (52-Week High, Volume Sentiment: Buyers, 1.6:0*) price levels.
IWM ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
DIA ETF – SPDR Dow Jones Industrial Average ETF’s Technical Performance Over The Past Year
Their RSI is trending towards overbought levels & sits at 64.31 following Friday’s performance, while their MACD crossed over bearishly last week & remains below the signal line.
Volumes were -6.32% below the previous year’s average (3,314,000 vs. 3,537,391), and one thing of note is how the largest volume spike of the week was for a declining session.
Monday set the stage with a hanging man candle with “long legs” based on the lower shadow & appetite for downside DIA price movement it showed, as prices broke through the support of the 10 DMA before rallying back to close for an advancing session.
Tuesday opened lower, tested in the real body of Monday’s candle, before dunking below the 10 DMA & returning to close lower for the day straddling the waterline of the 10 DMA.
Again, the volume of Tuesday’s downside action speaks volumes about how market participants feel right now, as profit takers were met by enough buyers to still force prices back up to the 10 DMA.
Wednesday the negative sentiment continued, as prices opened in the middle of Tuesday’s real body, did not get much higher & ultimately dipped below the 10 DMA’s support again.
Bulls rushed in & were able to force the price to just back above the 10 DMA’s support level, but the session closed lower than it opened & the volumes for the day reflect low participation levels, meaning that despite the “positive” close, there was quite a bit to be negative about.
Thursday confirmed this when prices gapped lower, test higher towards the 10 DMA’s resistance but were rejected, only to test far lower & still close as a decline.
While there were enough buyers to force a large lower shadow, volumes were still meager; hardly a vote of confidence.
Friday DIA saw the same good fortunes as every index ETF above, a gap up open that was above the 10 DMA’s support, but they broke below it for a while before rallying to close higher & end the day with a hanging man candle on low volume.
This is reflecting bearish sentiment for the blue chip index, and all of last week’s observations for the week ahead items to watch are still in play.
Thank you for referring back to last week for these observations while I am working on this with limited time compared to usual.
DIA has support at the $421.68 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $415.32 (Volume Sentiment: Buyers, 0.8:0*), $412.11 (Volume Sentiment: Buyers, 0.8:0*) & $408.89/share (50 Day Moving Average, Volume Sentiment: Buyers, 3.4:1) price levels, with resistance at the $426.20/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 kicks off with Fed Governor Bowman speaking at 1pm, Consumer Credit data at 3pm & Fed President Musalem speaking at 6:30 pm.
Fed Governor Kugler speaks at 3 am Tuesday, followed by NFIB Optimism Index data at 6 am, U.S. Trade Deficit data at 8:30 am, Fed President Bostic speaking at 12:45 pm & Fed Vice Chair Jefferson speaking at 7:30 pm.
Helen of Troy reports earnings Wednesday before the opening bell, with AZZ due to report following the closing bell.
Wednesday features Fed President Bostic speaking at 8 am, Fed President Logan speaking at 9:15 am, Wholesale Inventories data & Fed President Goolsbee speaking at 10:30 am, FOMC Minutes From The Fed’s September Meeting at 2pm & Fed President Daly speaking at 6 pm.
Initial Jobless Claims, Consumer Price Index, Core CPI & Core CPI Year-over-Year data are all released at 8:30 am Thursday, before Fed Governor Cook speaks at 9:15 am, Fed President Barkin speaks at 10:30 am & Fed President Williams speaks at 11 am.
JP Morgan Chase, BlackRock, BNY Mellon, Fastenal & Wells Fargo are all due to report earnings before Friday’s opening bell.
Friday morning starts off with Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year at 8:30 am, Fed President Goolsbee speaks at 9:45 am, Consumer Sentiment (prelim) comes in at 10 am, Fed President Logan speaks at 10:45 am & Fed Governor Bowman speaks at 1:10 pm to wind down the week.
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 ***
