The VIX closed at 13.3, indicating an implied one day move of +/-0.84% & an implied one month move of +/-3.84% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 12/3/2024’s Close:
1 – PLTR
2 – TPL
3 – AXON
4 – UAL
5 – TSLA
6 – VST
7 – TPR
8 – RCL
9 – CCL
10 – FICO
Lowest Technical Rated S&P 500 Components Per 12/3/2024’s Close:
1 – CE
2 – MRNA
3 – QRVO
4 – MPWR
5 – ENPH
6 – AES
7 – HII
8 – REGN
9 – WBA
10 – DG
Highest Volume Rated S&P 500 Components Per 12/3/2024’s Close:
1 – PCG
2 – HSY
3 – CTLT
4 – SMCI
5 – LYV
6 – WTW
7 – AON
8 – CRM
9 – CZR
10 – TPR
Lowest Volume Rated S&P 500 Components Per 12/3/2024’s Close:
1 – EXPE
2 – K
3 -PHM
4 – GRMN
5 – BLDR
6 – BA
7 – MCO
8 – SHW
9 – JCI
10 – BSX
Highest Technical Rated ETFs Per 12/3/2024’s Close:
1 – GXLM
2 – TSLR
3 – TSLL
4 – TSLT
5 – BITW
6 – TSL
7 – DEFG
8 – BITX
9 – VCAR
10 – ZCSH
Lowest Technical Rated ETFs Per 12/3/2024’s Close:
1 – MSOX
2 – TSLZ
3 – TSDD
4 – TSLQ
5 – UVIX
6 – MRNY
7 – TSLS
8 – SARK
9 – NVDQ
10 – NVD
Highest Volume Rated ETFs Per 12/3/2024’s Close:
1 – PBJA
2 – PBMY
3 – PBFR
4 – KORU
5 – ULVM
6 – NZAC
7 – LCF
8 – EYEG
9 – DRAI
10 – PBFB
Lowest Volume Rated ETFs Per 12/3/2024’s Close:
1 – UNIY
2 – BBEM
3 – SIXJ
4 – GSID
5 – SIXP
6 – ZTRE
7 – SDFI
8 – CRVT
9 – FDVL
10 – SIXZ
Highest Technical Rated General Stocks Per 12/3/2024’s Close:
1 – CBDS
2 – LEEED
3 – QUBT
4 – KULR
5 – DRUG
6 – AGFY
7 – BARUF
8 – BTCT
9 – MVST
10 – RCAT
Lowest Technical Rated General Stocks Per 12/3/2024’s Close:
1 – SAVA
2 – ELAB
3 – EFSH
4 – ELPW
5 – ADD
6 – SMX
7 – CRKN
8 – YYAI
9 – LUXH
10 – SYRS
Highest Volume Rated General Stocks Per 12/3/2024’s Close:
1 – CTNT
2 – PSQH
3 – GWAV
4 – SHIM
5 – JYD
6 – CHR
7 – CNUCF
8 – ATIP
9 – CHRS
10 – LITM
Lowest Volume Rated General Stocks Per 12/3/2024’s Close:
1 – CIAFF
2 – CNND
3 – AIJTY
4 – AVCNF
5 – JPPYY
6 – DGLY
7 – AONC
8 – THAR
9 – FLMMF
10 – FMCXF
*** 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 13.34, indicating an implied one day move of +/-0.84% & an implied one month move of +/-3.86% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 12/2/2024’s Close:
1 – PLTR
2 – TPL
3 – UAL
4 – AXON
5 – TSLA
6 – VST
7 – TPR
8 – RCL
9 – CCL
10 – NCLH
Lowest Technical Rated S&P 500 Components Per 12/2/2024’s Close:
1 – CE
2 – MRNA
3 – QRVO
4 – MPWR
5 – AES
6 – HII
7 – DG
8 – ENPH
9 – WBA
10 – REGN
Highest Volume Rated S&P 500 Components Per 12/2/2024’s Close:
1 – PCG
2 – SMCI
3 – GPC
4 – AMCR
5 – TGT
6 – INTC
7 – TPR
8 – AKAM
9 – LRCX
10 – VRSN
Lowest Volume Rated S&P 500 Components Per 12/2/2024’s Close:
1 – APD
2 – EFX
3 – LW
4 – BLDR
5 – UAL
6 – ETN
7 – JBHT
8 – CSGP
9 – GNRC
10 – BSX
Highest Technical Rated ETFs Per 12/2/2024’s Close:
1 – GXLM
2 – TSLR
3 – TSLL
4 – TSLT
5 – BITW
6 – ZCSH
7 – DEFG
8 – TSL
9 – VCAR
10 – DPST
Lowest Technical Rated ETFs Per 12/2/2024’s Close:
1 – TSLZ
2 – TSDD
3 – MSOX
4 – TSLQ
5 – UVIX
6 – TSLS
7 – SARK
8 – MRNY
9 – BDRY
10 – NVDQ
Highest Volume Rated ETFs Per 12/2/2024’s Close:
1 – MAYZ
2 – DECT
3 – DECW
4 – OCTZ
5 – MDCP
6 – CVRD
7 – IDEC
8 – SEPT
9 – SIXD
10 – HYKE
Lowest Volume Rated ETFs Per 12/2/2024’s Close:
1 – ZTWO
2 – ZTRE
3 – GSID
4 – EMCS
5 – EQLS
6 – CCNR
7 – FDTB
8 – FCA
9 – ZTEN
10 – GVUS
Highest Technical Rated General Stocks Per 12/2/2024’s Close:
1 – CBDS
2 – UMAC
3 – AGFY
4 – LEEED
5 – XCUR
6 – QUBT
7 – SNTI
8 – KULR
9 – DRUG
10 – RCAT
Lowest Technical Rated General Stocks Per 12/2/2024’s Close:
1 – CETX
2 – SAVA
3 – ELAB
4 – EFSH
5 – ELPW
6 – ADD
7 – YYAI
8 – LUXH
9 – JTAI
10 – APLT
Highest Volume Rated General Stocks Per 12/2/2024’s Close:
1 – SNTI
2 – PPBT
3 – OUT
4 – LEV
5 – EHGO
6 – JCSE
7 – BGLC
8 – MAMA
9 – MOB
10 -FOSL
Lowest Volume Rated General Stocks Per 12/2/2024’s Close:
1 – BBSRF
2 – CIAFF
3 – ALPIB
4 – GASXF
5 – SPPL
6 – AZMTF
7 – AXAHF
8 – OILSF
9 – DTEGF
10 – FLYLF
*** 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 14.1, indicating an implied one day move of +/-0.89% & an implied one month move of +/-4.08% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 11/26/2024’s Close:
1 – PLTR
2 – TPL
3 – UAL
4 – AXON
5 – VST
6 – TSLA
7 – RCL
8 – TRGP
9 – FICO
10 – CCL
Lowest Technical Rated S&P 500 Components Per 11/26/2024’s Close:
1 – CE
2 – MRNA
3 – QRVO
4 – MPWR
5 – AES
6 – ENPH
7 – SMCI
8 – DG
9 – WBA
10 – EL
Highest Volume Rated S&P 500 Components Per 11/26/2024’s Close:
1 – AMGN
2 – SJM
3 – BBY
4 – DAY
5 – TPR
6 – STZ
7 – WAT
8 – WDC
9 – ADI
10 – A
Lowest Volume Rated S&P 500 Components Per 11/26/2024’s Close:
1 – K
2 – WST
3 – NI
4 – DFS
5 – PYPL
6 – JNPR
7 – AEE
8 – NWSA
9 – CRL
10 – OTIS
Highest Technical Rated ETFs Per 11/26/2024’s Close:
1 – TSLR
2 – TSLL
3 – TSLT
4 – DPST
5 – BITW
6 – DEFG
7 – TSL
8 – GXLM
9 – VCAR
10 – CLDL
Lowest Technical Rated ETFs Per 11/26/2024’s Close:
1 – TSLZ
2 – TSDD
3 – TSLQ
4 – MRNY
5 – UVIX
6 – MEXX
7 – TSLS
8 – SKRE
9 – NVDQ
10 – NVD
Highest Volume Rated ETFs Per 11/26/2024’s Close:
1 -PBJA
2 – TAFL
3 – UFIV
4 – BPAY
5 – STAX
6 – TMET
7 – OAEM
8 – PBDE
9 – GSID
10 – HFGO
Lowest Volume Rated ETFs Per 11/26/2024’s Close:
1 – HQGO
2 – FDTB
3 – PSCQ
4 – SIXJ
5 – FDCE
6 – UJUN
7 – ESGB
8 – USCA
9 – OBND
10 – PABU
Highest Technical Rated General Stocks Per 11/26/2024’s Close:
1 – AGFY
2 – XCUR
3 – QUBT
4 – PGHL
5 – BTCT
6 – PDYN
7 – MFH
8 – WLGS
9 – PSTX
10 – DRUG
Lowest Technical Rated General Stocks Per 11/26/2024’s Close:
1 – EFSH
2 – SYRS
3 – SAVA
4 – TFFP
5 – CRKN
6 – ADD
7 – ONCO
8 – TRNR
9 – ADTX
10 – SMX
Highest Volume Rated General Stocks Per 11/26/2024’s Close:
1 – TWO
2 – IDAI
3 – VSEE
4 – IMG
5 – MDAI
6 – SMTK
7 – HSAI
8 – IFBD
9 – PSTX
10 – OPTT
Lowest Volume Rated General Stocks Per 11/26/2024’s Close:
1 – BNPQF
2 – BONXF
3 – FHSEY
4 – BBSRF
5 – PRMNF
6 – MBXBF
7 – TIRX
8 – ARBV
9 – ADCOF
10 – SCZC
*** 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 14.6, indicating an implied one day move of +/-0.92% & an implied one month move of +/-4.22% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 11/25/2024’s Close:
1 – PLTR
2 – UAL
3 – AXON
4 – VST
5 – TSLA
6 – RCL
7 – TRGP
8 – TPR
9 – FICO
10 – CCL
Lowest Technical Rated S&P 500 Components Per 11/25/2024’s Close:
1 – CE
2 – MRNA
3 – QRVO
4 – ENPH
5 – MPWR
6 – AES
7 – REGN
8 – DG
9 – EL
10 – WBA
Highest Volume Rated S&P 500 Components Per 11/25/2024’s Close:
1 – PARA
2 – TYL
3 – KEYS
4 – EG
5 – AWK
6 – MSI
7 – COP
8 – EQIX
9 – WELL
10 – OKE
Lowest Volume Rated S&P 500 Components Per 11/25/2024’s Close:
1 – UAL
2 – NCLH
3 – CRL
4 – PN
5 – GL
6 – ALB
7 – CHTR
8 – GNRC
9 – AMD
10 – XEL
Highest Technical Rated ETFs Per 11/25/2024’s Close:
1 – GXLM
2 – TSLR
3 – TSLL
4 – TSLT
5 – DPST
6 – BITW
7 – DEFG
8 – BITX
9 – TSL
10 – VCAR
Lowest Technical Rated ETFs Per 11/25/2024’s Close:
1 – MSOX
2 – TSLZ
3 – TSDD
4 – TSLQ
5 – MRNY
6 – SKRE
7 – UVIX
8 – TSLS
9 – SMST
10 – WEED
Highest Volume Rated ETFs Per 11/25/2024’s Close:
1 – PBMY
2 – PBSE
3 – UNIY
4 – BCIL
5 – EYEG
6 – MAPP
7 – GVUS
8 – JHDV
9 – WBND
10 – GGUS
Lowest Volume Rated ETFs Per 11/25/2024’s Close:
1 – EMCS
2 – FDVL
3 – ESGB
4 – GSID
5 – SIXJ
6 – EQLS
7 – IWLG
8 – PABU
9 – RAFE
10 – IBMS
Highest Technical Rated General Stocks Per 11/25/2024’s Close:
1 – XCUR
2 – AGFY
3 – QUBT
4 – LEEED
5 – QMCO
6 – BTCT
7 – RCAT
8 – WLGS
9 – DRUG
10 – ATGL
Lowest Technical Rated General Stocks Per 11/25/2024’s Close:
1 – EFSH
2 – CETX
3 – SYRS
4 – DEVS
5 – TFFP
6 – SAVA
7 – EYEN
8 – YELLQ
9 – GCTK
10 – TRNR
Highest Volume Rated General Stocks Per 11/25/2024’s Close:
1 – WLDS
2 – SMTK
3 – KULR
4 – CLRO
5 – CGTX
6 – QMMM
7 – NTRP
8 – CTXR
9 – NSA
10 – BCOV
Lowest Volume Rated General Stocks Per 11/25/2024’s Close:
1 – AUXXF
2 – SROYF
3 – PDPTF
4 – PAVS
5 – CYSNF
6 – BTSGU
7 – PFBX
8 – TIVC
9 – BBSRF
10 – ROKRF
*** 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 +1.67% this past week, while the VIX closed at 15.24 indicating an implied one day move of +/-0.96% & an implied one month move of +/-4.41%.
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year
Their RSI is trending upward towards the overbought level again, currently sitting at 61.66, while their MACD is signaling that it’s poised for an early week bullish crossover before the Thanksgiving holiday.
Volumes were still weak, coming in -26.49% below the prior year’s average level (44,300,000 vs. 60,260,437), as market participants are still feeling a bit uneasy near these all-time high price levels.
The week started off on a optimistic, but uncertain note, as Monday’s session resulted in a spinning top that formed a bullish harami pattern with Friday’s candle on very light volume.
Tuesday opened lower but powered higher to form a bullish engulfing pattern with Monday’s candle & the volume was a bit higher, but still not the level of enthusiasm that is needed to continue to a new all-time high.
Wednesday’s session resulted in a dragonfly doji, indicating uncertainty given that it retraced the entire range of the prior day’s candle, but ultimately the day was able to close higher at the top of the session’s candle by the open.
Thursday opened on a gap up in line with the 10 day moving average’s resistance, tried higher but ultimately retraced below the close of Wednesday’s session before rallying back to close as a doji candle by the 10 DMA.
Friday opened in line with Thursday’s close but was able to close slightly higher, although indicating hesitancy & uncertainty as the low volume session closed as a spinning top candle.
This week it should be kept in mind that there are only 3.5 trading days, as Thursday is Thanksgiving & the market is closed & Friday is a half day.
Wednesday has a lot of data announcements & there are some earnings calls scheduled for early in the week that may impact SPY’s performance.
With that in mind, SPY looks primed to straddle the 10 DMA & trade around it on light, holiday week volume.
It is unlikely to get the volume needed to force a retest of the all-time high that sits ~1% above Friday’s close & if it was unable to be reached last week it seems less likely to happen on a short week when folks are traveling.
To the downside it will be interesting to see how the $590/share level holds up, given Tuesday’s close there & Wednesday’s doji candle resting right above it, but should it test any lower the chart below lists SPYs price level:volume sentiment over the past ~2 years.
SPY has support at the $593.01 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $586.12 (Volume Sentiment: Buyers, 0.4:0*), $583.86 (Volume Sentiment: Buyers, 1.86:1) & $579.21/share (50 Day Moving Average, Volume Sentiment: Sellers, 1.1:1) price levels, with resistance at the $600.17/share (All-Time High, Volume Sentiment: NULL, 0:0*) price level.
SPY ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
QQQ, the Invesco QQQ Trust ETF that tracks the NASDAQ 100 gained +1.86% last week, as investors were slightly more eager to pile into the tech heavy index than the S&P 500 components.
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year
Their RSI is trending above the neutral level of 50 & sits at 56.45 but has flattened out recently, while their MACD is bearish but showing signs of a potential bullish crossover before the end of the week if the histogram shows weakness on Monday or Tuesday.
Volumes were the weakest of the major index ETFs, coming in -27.27% below the previous year’s average level (27.928,000 vs. 38,399,048), as investors are still not feeling confident about hopping back into the pool so close to all-time highs.
QQQ’s week began on a similar note to SPY’s with Monday’s candle forming a bullish harami with Friday’s & closing as a spinning top on low volume, indicating that there was a bit of uncertainty in the air.
Tuesday opened lower but was able to close higher, ending the day forming a bullish engulfing pattern with Monday’s candle, but again on weak volume.
Wednesday opened lower & tested lower than Tuesday’s lows, but was able to close in line with the open as a dragonfly doji, indicating that there was still a little upside appetite, but that people were taking profits throughout the day too.
Thursday opened on a gap higher to just beneath the resistance of the 10 day moving average, tested almost as low as Wednesday’s session’s low, but was able to rally higher to form a hanging man candle that closed lower than it opened on the highest volume session of the week.
It appears that a lot of market participants were taking profits those two days based on how low they tested, but bulls managed to push their closing prices back to the high end of the days’ ranges.
Friday left the week off on a note of bearish uncertainty for QQQ, as while the session advanced +0.16%, it resulted in a spinning top candle that was unable to break above the resistance of the 10 DMA, which has now curled over & is moving downward towards the price.
Much like SPY, QQQ is unlikely to make a run at their all-time high this week due to the short week & anticipated low volume that accompanies a holiday.
They’re likely to trade around the 10 DMA on light volume all week, pending no major news or bad data releases occur.
In the event of decline, QQQ has more local support levels than SPY which may control the rate of descent, but should that happen investors should begin watching for a bearish head & shoulders pattern, particularly given their 10 DMA is even looking like one.
QQQ has support at the $502.81 (Volume Sentiment: Buyers, 2:0*), $501.35 (Volume Sentiment: Buyers, 2:0*), $494.49 (Volume Sentiment: Buyers, 17.25:1) & $493.70/share (Volume Sentiment: Buyers, 17.25:1) price levels, with resistance at the $506.17 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*) $515.58/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
QQQ ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
IWM, the iShares Russell 2000 ETF advanced +4.5% last week, as investors were eager to pile into the small cap index compared to the other three major index ETFs.
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year
Their RSI is trending towards the overbought 70 level & currently sits at 64.85, while their MACD crossed over bullishly on Friday, but the histogram level is quite low which leaves room for skepticism on the strength of the crossover.
Volumes were also weak, coming in -20.59% below the prior year’s average level (26,200,000 vs. 32,994,484), as even small cap investors are feeling nervous near their all-time high.
Monday kicked the week off with bullish uncertainty, as the session created a bullish harami cross with Friday’s candle on some of the week’s highest volume.
Bullish engulfing Tuesday also hit IWM, as despite opening on a gap down the bulls came back & force the session to close above the high of Monday’s session.
Wednesday’s candle would be described as a hanging man if it occurred in an actual uptrend & not in the wake of a two day reversal, but market participants showed that there was still plenty of negative sentiment in the air, given the size of the lower shadow.
Thursday opened higher, signaled that there was some downside sentiment (or near-term profit taking) on the lower shadow, but was able to power through the 10 day moving average & close above it as there was a lot of advancing volume relative to every day that week but Monday.
Friday opened on a gap higher, briefly tested lower but the $235/share mark held strong & propelled IWM to close higher for a +1.85% gain on the day.
This week will be focused on whether or not the support of the 10 day moving avera
IWM has support at the $233.84 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $227.85 (Volume Sentiment: Sellers, 2:1), $227.17 (Volume Sentiment: Sellers, 2:1) & $226.40/share (Volume Sentiment: Sellers, 2:1) price levels, with resistance at the $242.39/share (All-Time High, Volume Sentiment: NULL, 0:0*) 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 & currently sits at 65.96, while their MACD crossed over bullishly on Friday, but the histogram level is rather muted, calling to question the strength of the signal.
Volumes were +28.8% above the previous year’s average (4,492,000 vs. 3,487,619), as investors were still feeling eager to get into the component names of the blue chip index.
Monday began the week on a note of muted uncertainty, as the day resulted in a doji candle for a slight decline on very weak volume.
Tuesday opened on a major gap down, but throughout the session bulls came in & were able to force the closing price above the open, but still for a declining session.
Wednesday was a tug of war between bulls & bears after opening on a gap up, as there was still plenty of bearish sentiment out there based on the size of the candle’s lower shadow, but the day managed to rally higher.
This set up the highest volume session of the week on Thursday, where the day opened on a gap up, there was some profit taking based on the lower shadow before powering through the 10 DMAs resistance to close above it.
The upper shadow on the day’s candle also indicated that there were market participants interested in seeing DIA continue its climb, which is what happened on Friday as another gap up session left DIA within $1.44 of its all-time high.
Based on the high volume heading into the weekend & the recent MACD bullish crossover it appears that DIA will at least break above its all-time high this week.
This brings with it a set of problems though, as once the oscillators overheat there will be profit taking from that batch of high volume we saw on Thursday & Friday & there are not that many nearby support levels for DIA.
In the event of a new ATH there would be support at $444.60 & at where ever the 10 day moving average winds up by then, as it will continue marching higher along with the price.
Another key area to keep an eye on in the event of a decline is that window that was created by the post-election gap up, as if the $429.64/share support level breaks down that will likely begin to fill, especially if prices enter the $424-427.99/share zone where Sellers have outpaced Buyers at a rate of 1.67:1 over the past 3-4 years.
DIA has support at the $437.68 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $432.94 (Volume Sentiment: Buyers, 0.6:0*), $429.64 (Volume Sentiment: Buyers, 1.4:1) & $426.62/share (50 Day Moving Average, Volume Sentiment: Sellers, 1.67:1) price levels, with resistance at the $444.60/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
DIA ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
The Week Ahead
Monday has no major economic announcements scheduled.
Bath & Body Works & Diana Shipping report earnings Monday morning before the opening bell, with Agilent Technologies, Central Garden, Enanta Pharmaceuticals, Fluence, Leslie’s, NJ Resources, Semtech, Woodward & Zoom Video Communications reporting after the closing bell.
S&P Case-Shiller Home Price Index (20 Cities) is released Tuesday at 9 am, Consumer Confidence & New Home Sales data comes out at 10 am & the Minutes of he Fed’s FOMC meeting are due out at 2pm.
Tuesday’ morning’s earnings kick off with Abercrombie & Fitch, American Woodmark, Analog Devices, Bank of Nova Scotia, Best Buy, Burlington Stores, Dick’s Sporting Goods, Embecta, J.M. Smucker, Kohl’s, Macy’s & Titan Machinery, followed by Dell Technologies, Ambarella, Arrowhead Pharmaceuticals, Autodesk, CrowdStrike, Guess?, HP Inc., Mitek Systems, Nordstrom, Nutanix, Urban Outfitters & Workday after the closing bell.
Wednesday is going to be a busy one on the data-front, starting with Initial Jobless Claims, Durable-Goods Orders, Durable-Goods minus Transportation, Advanced U.S. Trade Balance In Goods, Advanced Retail Inventories, Advanced Wholesale Inventories & GDP (first revision) are all due out at 8:30 am, followed by Personal Income (nominal), Personal Spending (nominal), PCE Index, PCE (year-over-year), Core PCE Index, Core PCE (year-over-year) & Pending Home Sales at 10 am.
Patterson Companies reports earnings before Wednesday’s opening bell, with Kroger & Zumiez set the report after the session’s close.
Thursday is Thanksgiving so there is no data to be released.
Friday brings us the Chicago Business Barometer (PMI) report at 9:45 am & there will be no earnings reports released.
*** 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 16.87, indicating an implied one day move of +/-1.06% & an implied one month move of +/-4.88% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 11/21/2024’s Close:
1 – PLTR
2 – VST
3 – AXON
4 – UAL
5 – TSLA
6 – TRGP
7 – RCL
8 – CCL
9 – FICO
10 – BX
Lowest Technical Rated S&P 500 Components Per 11/21/2024’s Close:
1 – MRNA
2 – CE
3 – SMCI
4 – ENPH
5 – QRVO
6 – EL
7 – MPWR
8 – WBA
9 – DG
10 – REGN
Highest Volume Rated S&P 500 Components Per 11/21/2024’s Close:
1 – MRO
2 – TGT
3 – DE
4 – PANW
5 – CE
6 – NTAP
7 – AMCR
8 – GOOGL
9 – TDG
10 – CARR
Lowest Volume Rated S&P 500 Components Per 11/21/2024’s Close:
1 – RMD
2 – LH
3 – UDR
4 – CPT
5 – LW
6 – MCK
7 – FFIV
8 – KVUE
9 – MHK
10 – WYNN
Highest Technical Rated ETFs Per 11/21/2024’s Close:
1 – TSLR
2 – TSLL
3 – TSLT
4 – BITX
5 – BITW
6 – MSTX
7 – TSL
8 – VCAR
9 – DPST
10 – GXLM
Lowest Technical Rated ETFs Per 11/21/2024’s Close:
1 – MSOX
2 – TSLZ
3 – TSDD
4 – TSLQ
5 – MRNY
6 – NVDQ
7 – NVD
8 – TSLS
9 – SMST
10 – BITI
Highest Volume Rated ETFs Per 11/21/2024’s Close:
1 – PSMD
2 – SMRI
3 – WEIX
4 – AVNM
5 – EEMO
6 – GBLD
7 – KPRO
8 – PSCW
9 – ARVR
10 – NBCM
Lowest Volume Rated ETFs Per 11/21/2024’s Close:
1 – EMCS
2 – BHYB
3 – OVT
4 – IQSM
5 – OVL
6 – TSEC
7 – NUGO
8 – PABU
9 – EMCR
10 – FDGR
Highest Technical Rated General Stocks Per 11/21/2024’s Close:
1 – LEEED
2 – AGFY
3 – BTCT
4 – QUBT
5 – XCUR
6 – RCAT
7 – DRUG
8 – SEZL
9 – MNPR
10 – ACRS
Lowest Technical Rated General Stocks Per 11/21/2024’s Close:
1 – EFSH
2 – VJTTY
3 – SYRS
4 – DEVS
5 – GCTK
6 – TFFP
7 – ADTX
8 – EYEN
9 – CETX
10 – YELLQ
Highest Volume Rated General Stocks Per 11/21/2024’s Close:
1 – WORX
2 – OUT
3 – CTV
4 – SURG
5 – CRNC
6 – BDRX
7 – PET
8 – CDT
9 – BLRX
10 – MGLD
Lowest Volume Rated General Stocks Per 11/21/2024’s Close:
1 – GTHP
2 – MOJO
3 – PDPTF
4 – ATCMF
5 – BTSGU
6 – CIAFF
7 – PLSDF
8 – VEEE
9 – LUCY
10 – JCSE
*** 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 17.16, indicating an implied one day move of +/-1.08% & an implied one month move of +/-4.96% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 11/20/2024’s Close:
1 – PLTR
2 – UAL
3 – AXON
4 – VST
5 – TSLA
6 – TRGP
7 – RCL
8 – CCL
9 – FICO
10 – HWM
Lowest Technical Rated S&P 500 Components Per 11/20/2024’s Close:
1 – MRNA
2 – SMCI
3 – CE
4 – ENPH
5 – QRVO
6 – EL
7 – MPWR
8 – WBA
9 – DG
10 – DLTR
Highest Volume Rated S&P 500 Components Per 11/20/2024’s Close:
1 – TGT
2 – AMCR
3 – KEYS
4 – CCI
5 – FOX
6 – EQT
7 – NWS
8 – PANW
9 – CE
10 – CPRT
Lowest Volume Rated S&P 500 Components Per 11/20/2024’s Close:
1 – KEY
2 – MTCH
3 – LW
4 – IRM
5 – MMM
6 – ODFL
7 – CFG
8 – KVUE
9 – UNP
10 – MCK
Highest Technical Rated ETFs Per 11/20/2024’s Close:
1 – ETH
2 – BTC
3 – MSTX
4 – TSLR
5 – TSLL
6 – BITW
7 – CONL
8 – BITX
9 – VCAR
10 – TSL
Lowest Technical Rated ETFs Per 11/20/2024’s Close:
1 – TSLZ
2 – TSDD
3 – MSOX
4 – TSLQ
5 – MRNY
6 – NVDQ
7 – NVD
8 – SMST
9 – TSLS
10 – MEXX
Highest Volume Rated ETFs Per 11/20/2024’s Close:
1 – GSEE
2 – PSCQ
3 – PSMO
4 – PQDI
5 – LEGR
6 – CARK
7 – WTBN
8 – EUDG
9 – JUST
10 – VLU
Lowest Volume Rated ETFs Per 11/20/2024’s Close:
1 – EMCS
2 – BHYB
3 – FDGR
4 – SBB
5 – OVLH
6 – PBNV
7 – BUYZ
8 – PST
9 – MINN
10 – LCR
Highest Technical Rated General Stocks Per 11/20/2024’s Close:
1 – AGFY
2 – BTCT
3 – XCUR
4 – QUBT
5 – DRUG
6 – MNPR
7 – WLGS
8 – RCAT
9 – CNVS
10 – SEZL
Lowest Technical Rated General Stocks Per 11/20/2024’s Close:
1 – EFSH
2 – SYRS
3 – DEVS
4 – GCTK
5 – TFFP
6 – ADTX
7 – TRNR
8 – TCBP
9 – ADD
10 – SMX
Highest Volume Rated General Stocks Per 11/20/2024’s Close:
1 – LEEED
2 – DRUG
3 – CSDX
4 – CANB
5 – FKMCF
6 – GDLC
7 – FXLV
8 – KRKNF
9 – ADBRF
10 – CVHSY
Lowest Volume Rated General Stocks Per 11/20/2024’s Close:
1 – CANSF
2 – BNPQF
3 – HEWA
4 – FLWBF
5 – PAVS
6 – LIMX
7 – INBP
8 – ARBB
9 – ARBV
10 – FETM
*** 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 ***
NVIDIA Corp. stock trades under the ticker NVDA & has had an astounding year, advancing +191.63%, gaining +226.62% since their 52-week low in December of 2023 & sitting just -1.84% below their 52-week high from 11/8/2024 (all figures ex-dividends).
NVDA has been no stranger to our posts here this past year due to their high flying performance & the AI/Data Center Boom, which makes today’s earnings report very important as it will dictate if the major market indexes that are near all-time highs can maintain their current explosive performance.
In the event of disappointment there may be broader corrections & a pivot from the technology names & into more “concrete” names, such as the companies that build their data centers & supply the builders, as well as the utilities companies as a flight to safety & for their better dividend yields, while maintaining a focus on the future data center needs (see this post from April 2024 for some names that might make up a Synthetic A.I. ETF that excludes the technology sector).
Below is a brief technical analysis of NVDA, as well as a price level:volume sentiment analysis of the price levels NVDA has traded at over the ~8 months.
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 NVDA.
NVIDIA Corp. NVDA Stock’s Technical Performance Broken Down
NVIDIA Corp. NVDA Stock’s Technical Performance Over The Past Year
Their RSI is currently trending down & approaching the neutral level of 50 & currently sits at 55.59, while their MACD crossed over bearishly last week & continues to trend lower & further from the signal line.
Volumes have been -47.42% below the previous year’s average levels over the past week & a half (209,592,857.14 vs. 398,617,103.17) as market participants eagerly await to see if they can continue their steep ascent or if the AI-mania may be taking a breather/coming to an end.
From a high level it seems at least by volume that many folks are remaining content to wait & see, as there has not been much outsized declining volume in relation to advancing volume.
However, the fact that the participation rate has been effectively cut in half vs. the prior year in the last week & a half should raise an eyebrow of skepticism as it shows that either folks are sensing danger on the horizon & or are realizing that they’re near a perfect valuation & have become content, neither of which tend to be good things, especially near an earnings report.
On the same high level track note that the tops & bottoms of their price charts have been contracting (bearish) since mid-October & prices stalled out at the all-time high only 3.7% higher than the prior ATH from mid-October.
The past two weeks have also been flashing mixed signals, but the brake lights have remained on for seven of the last eleven sessions.
Two weeks ago on Wednesday NVDA gapped up along with the rest of the markets in the wake of the U.S. Presidential Election results & continued higher Thursday.
It should be noted that these volumes were muted compared to the rest of the prior year though, not indicating as much enthusiasm as most other indexes/securities.
That Friday’s declining session on a spinning top set the stage for the next week of declines, as it showed market participants were taking profits on the day of the all-time high, and there was clear uncertainty as to where the price should be.
Volume was low that day, but the seller sentiment carried on into Monday of the new week, when a bearish engulfing candle set up a three-day consolidation that took place mostly within the range of its candle’s real body.
Tuesday’s candle would constitute as a shooting star had it followed an uptrend (bearish), Wednesday’s candle formed a bearish engulfing pattern on Tuesday’s & a bearish harami was formed when Thursday’s candle advanced, but closed lower than it opened & the entire day’s range was contained within Wednesday’s real body.
None of this inspired enthusiasm among market participants, as Friday opened on a gap down in-line with the 10 day moving average’s support, before continuing lower & the lower shadow of the day’s range flirted with the $140/share level.
Monday opened lower & below the $140 mark, tested lower, but was able to close above its open, but still for a loss.
Those two days also featured some of the strongest volume of November, indicating that there was a bit of a switch in sentiment.
Yesterday featured an advancing session that was able to close above the resistance of the 10 DMA, but today has featured an open higher than yesterday that has fallen apart quickly as prices have only continued lower throughout the day since the open.
As of this writing (1:45pm) volume is roughly half of yesterday’s low level, so market participants are still sitting in anticipation of tonight’s results.
After NVDA’s aggressive gap ups in May 2024 they have somewhat traded in a consolidated range & gradually shifted higher in a similar manner to how IWM trades, which is peculiar given their market cap vs. the highest market cap in the Russell 2000.
This will be one of the most anticipated earnings reports of the past few years & there are lots of warning signs/brake lights flashing as we approach it.
I won’t get into the upside potential given how close we are to their ATH, but the downside is where more focus should be given it is relatively measurable.
The section below lays out how the buyers & sellers have met at each price level NVDA has traded at over the past ~8 months.
While it is not indicative of future performance, history repeats itself & or rhymes & this can be used as a barometer to anticipate how market participants may behave when faced with these price levels again.
Price Level:Volume Sentiment Analysis For NVIDIA Corp. NVDA Stock
The top table below shows the support & resistance levels of NVDA from the past year’s chart, as well as their price level:volume sentiment at each from data covering the past ~8 months, using Wednesday 11/20/24’s mid-session price for their price & moving averages/other technicals.
The moving averages are denoted with bold.
The next charts show the volume sentiment at each individual price level NVDA has traded at over the past ~8 months.
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 NVDA.
NVIDIA Corp. NVDA Stock’s Price Level:Volume Sentiment Over The Past ~8 Months At One Year Support & Resistance Levels
NVIDIA Corp. NVDA Stock’s Price Level:Volume Sentiment Over The Past ~8 Months
NVDA Stock’s Price Level:Volume Sentiment Over The Past ~8 Months
NVDA Stock’s Price Level:Volume Sentiment Over The Past ~8 Months
$150 – NULL – 0:0*, +3.75% From Current Price Level
$148 – Buyers – 2.2:0*, +2.37% From Current Price Level– All Time High*
$146 – Buyers – 1.21:1, +0.98% From Current Price Level
$144 – Buyers – 1.56:1, -0.4% From Current Price Level – Current Price Level & 10 Day Moving Average**
$142 – Buyers, 1.25:1, -1.78% From Current Price Level
$140 – Sellers – 1.13:1. -3.17% From Current Price Level
$138 – Buyers – 1.19:1, -4.55% From Current Price Level
$136 – Buyers – 2.7:0*, -5.93% From Current Price Level
$134 – Buyers – 8.5:1, -7.32% From Current Price Level
$132 – Sellers – 1.69:1, -8.7% From Current Price Level – 50 Day Moving Average*
$130 – Sellers – 2:1, -8.7% From Current Price Level
$128 – Buyers – 10.64:1, -10.08% From Current Price Level
$126 – Sellers – 1.66:1, -11.47% From Current Price Level
$124 – Buyers – 2.23:1, -12.85% From Current Price Level
$122 – Buyers – 1.27:1, -14.23% From Current Price Level
$120 – Sellers – 1.27:1, -15.62% From Current Price Level
$118 – Buyers – 1.82:1, -17% From Current Price Level
$116 – Buyers – 1.05:1, -18.38% From Current Price Level
$114 – Buyers – 1.86:1, -21.15% From Current Price Level
$112 – Buyers – 1.24:1, -22.53% From Current Price Level
$110 – Sellers – 0.4:0*, -23.92% From Current Price Level – 200 Day Moving Average*
$108 – Sellers – 1.91:1, -25.3% From Current Price Level
$106 – Sellers – 1.31:1, -26.68% From Current Price Level
$104 – Buyers – 2.63:1, -28.07% From Current Price Level
$102 – Sellers – 1.02:1, -29.45% From Current Price Level
$100 – Sellers – 3:0*, -30.83% From Current Price Level
$99 – NULL – 0:0*, -31.53% From Current Price Level
$98 – Sellers – 2.2:0*, -32.22% From Current Price Level
$97 – NULL – 0:0*, -32.91% From Current Price Level
$96 – NULL – 0:0*, -33.6% From Current Price Level
$95 – Buyers – 1.8:0*, -34.29% From Current Price Level
$94 – Buyers – 2.55:1, -34.98% From Current Price Level
$93 – NULL – 0:0*, -35.68% From Current Price Level
$92 – Sellers – 2.29:1, -36.37% From Current Price Level
$91 – Buyers – 7.9:0*, -37.06% From Current Price Level
$90 – Buyers – 1.06:1, -37.75% From Current Price Level
$89 – Buyers – 2.43:1, -38.44% From Current Price Level
$88 – Sellers – 1.05:1, -39.13% From Current Price Level
$87 – Buyers – 1.41:1, -39.83% From Current Price Level
$86 – Sellers – 2:0*, -40.52% From Current Price Level
$85 – Sellers – 5.33:1, -41.21% From Current Price Level
$84 – Sellers – 1.08:1, -41.9% From Current Price Level
$83 – Sellers – 3:0*, -42.59% From Current Price Level
$82 – Buyers – 4.8:0*, -43.28% From Current Price Level
$81 – NULL – 0:0*, -43.98% From Current Price Level
$80 – NULL – 0:0*, -44.67% From Current Price Level
$79 – Buyers – 1.14:1, -45.36% From Current Price Level
$78 – NULL – 0:0*, -46.05% From Current Price Level
$77 – NULL – 0:0*, -46.74% From Current Price Level
$76 – Sellers – 4.9:0*, -47.43% From Current Price Level
$75 – NULL – 0:0*, -48.13% From Current Price Level
*** I DO NOT OWN SHARES OR OPTIONS CONTRACTS IN NVDA AT THE TIME OF PUBLISHING THIS ARTICLE ***
The VIX closed at 16.35, indicating an implied one day move of +/-1.03% & an implied one month move of +/-4.73% for the S&P 500.
Highest Technical Rated S&P 500 Components Per 11/1/2024’s Close:
1 – PLTR
2 – UAL
3 – AXON
4 – VST
5 – TSLA
6 – TRGP
7 – RCL
8 – CCL
9 – FICO
10 – DAL
Lowest Technical Rated S&P 500 Components Per 11/19/2024’s Close:
1 – MRNA
2 – CE
3 – ENPH
4 – SMCI
5 – QRVO
6 – EL
7 – WBA
8 – MPWR
9 – APTV
10 – REGN
Highest Volume Rated S&P 500 Components Per 11/19/2024’s Close:
1 – AMCR
2 – INCY
3 – SMCI
4 – CE
5 – J
6 – WMT
7 – TMO
8 – TGT
9 – EFX
10 – JNPR
Lowest Volume Rated S&P 500 Components Per 11/19/2024’s Close:
1 – UDR
2 – FRT
3 – WY
4 – WRB
5 – PH
6 – MTB
7 – MNST
8 – DG
9 – BK
10 – USB
Highest Technical Rated ETFs Per 11/19/2024’s Close:
1 – MSTX
2 – TSLR
3 – TSLL
4 – TSLT
5 – CONL
6 – BITW
7 – VCAR
8 – TSL
9 – BITX
10 – DAPP
Lowest Technical Rated ETFs Per 11/19/2024’s Close:
1 – TSLZ
2 – TSDD
3 – MSOX
4 – TSLQ
5 – MRNY
6 – NVDQ
7 – NVD
8 – SMST
9 – TSLS
10 – SKRE
Highest Volume Rated ETFs Per 11/19/2024’s Close:
1 – GPOW
2 – FDTS
3 – HAPR
4 – UJUN
5 – BJUN
6 – DIVS
7 – LUX
8 – CMDT
9 – UNOV
10 – SMCF
Lowest Volume Rated ETFs Per 11/19/2024’s Close:
1 – CLOX
2 – EQLS
3 – IQSU
4 – SHRT
5 – BUFF
6 – IWLG
7 – IQSI
8 – ESGB
9 – FDGR
10 – GGUS
Highest Technical Rated General Stocks Per 11/19/2024’s Close:
1 – BTCT
2 – AGFY
3 – DRUG
4 – ACRS
5 – ZNOG
6 – MNPR
7 – SEZL
8 – WLGS
9 – NXL
10 – QUBT
Lowest Technical Rated General Stocks Per 11/19/2024’s Close:
1 – EFSH
2 – SYRS
3 – GCTK
4 – DEVS
5 – CETX
6 – TFFP
7 – ADTX
8 – ADD
9 – TCBP
10 – PET
Highest Volume Rated General Stocks Per 11/19/2024’s Close:
1 – PRFX
2 – OUT
3 – SOAR
4 – SYRS
5 – TRNR
6 – OIBZQ
7 – WHLR
8 – TFFP
9 – SNOA
10 – ARBV
Lowest Volume Rated General Stocks Per 11/19/2024’s Close:
1 – RSCF
2 – SGNLF
3 – BNPQF
4 – NSRCF
5 – FLMMF
6 – DBIN
7 – PTRUF
8 – FNRN
9 – INBP
10 – CHXMF
*** 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 slid -2.08% this week, while the VIX closed at 16.14, indicating an implied one day move of +/-1.02% & an implied one month move of +/-4.67% for the S&P 500.
SPY ETF – SPDR S&P 500 ETF’s Technical Performance Over The Past Year
Their RSI is trending back down toward the neutral level & currently sits at 52.43, while their MACD has curled over bearishly & will likely cross the signal line within the first day or two of the week.
Volumes were -23.98% lower than the prior year’s average level (46,144,000 vs. 60,703,202), as investors are still timid near all-time highs for SPY.
For over seven months now volumes have been drastically lower than they had been in the years prior, which brings up questions regarding is it hesitancy due to the high price levels & valuations, or is there something else out there that is keep money on the sidelines.
Last Monday SPY kicked the week off on a foreboding note, as despite an advancing session that hit their current all-time high, the day resulted in a hanging man candle that closed lower than it opened (bearish).
It should also be noted that this was the lowest volume session of the day, which makes the move even more alarming.
Tuesday the bad times continued, as the day opened lower, tested slightly higher, only to decline & reinforce the negative sentiment that Monday began the week with.
Wednesday the market temporarily found equilibrium as the day resulted in a doji candle that closed slightly higher than the day prior’s on the second highest volume of the week.
Things resumed heading south on Thursday with a declining session that began filling in the window created by the previous Thursday’s gap up session.
Friday was a risk off into the weekend type of day, opening on a gap down near the 10 day moving average & blowing through the support level to close lower on the day on the highest volume of the week.
This coming week should be interesting (this note is late as I was OOO Monday) as there are a handful of Fed speakers & NVDIA’s earnings report is due out Wednesday.
The Fed speakers aren’t likely to tell us anything we don’t already know & it seems that SPY is consolidating within Friday’s candle’s range while waiting to see what comes from that report.
In the event it moves us to the upside the $600.17/share mark will be where all eyes focus to see if the resistance level can be broken.
In the event it’s a downside surprise the window that is at the $580/share level from October will be in focus, as it was gapped both below & over & because the $575-579.99 level is a seller dominated price zone which will likely cause further declines.
This will be problematic as there are not many local support levels for SPY from its current price & may mean it struggles to find footing until after a loss of 3-5%.
SPY has support at the $586.12 (Volume Sentiment: Buyers, 0.4:0*), $575.29 (50 Day Moving Average, Volume Sentiment: Sellers, 1.1:1), $567.89 (Volume Sentiment: Sellers, 2:1) & $563.43/share (Volume Sentiment: Buyers, 1.7:0*) price levels, with resistance at the $590.33 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*) & $600.17/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 dropped -3.42% last week, as market participants were taking some profits after the prior week’s gap up sessions.
QQQ ETF – Invesco QQQ Trust ETF’s Technical Performance Over The Past Year
Their RSI is has just passed bearishly through the neutral level of 50 & sits currently at 48.65, while their MACD is set to cross the signal line bearishly during Monday’s session.
Volumes were -21.76% below the previous year’s average level (30,342,000 vs. 38,782,885), which like SPY means that they were dramatically lower than the prior year’s average from seven months ago, begging the question of where this money is & why.
QQQ’s week looks awfully similar to SPY’s, except that all of QQQ’s candles are red, while SPY had some that were filled black as they closed lower than they opened but advanced on the open.
Monday resulted in a new all-time high for QQQ on low volume that also was a hanging man candle, predicting the bearishness the rest of the week followed with.
Tuesday continued lower, but the $510/share level was not broken through as investors seemed to think that was a fair valuation again on Wednesday when prices approached it, but did not break down through it.
Wednesday closed in a doji, indicating that there was temporary equilibrium in the eyes of market participants, before Thursday finally broke down the $510/share level to close beneath it.
Friday everything fell apart as QQQ gapped down to open below the 10 day moving average’s support & only continued lower throughout the day on the week’s highest volume.
Profits from the prior week’s gaps were taken 0ff of the table as investors await NVDA’s earnings report on Wednesday, as it will lend clues into the state of technology names.
In the event of a good report, QQQ has a few resistance levels to break through before they reach their all-time high, as like SPY so far this week they’ve just consolidated into the range set by Friday’s candle’s real body.
In the event they break out above the $502.81 mark the 10 DMA’s resistance will be interesting, given how hard they fell through it on Friday as a support level.
On the downside the 50 DMA is the second nearest support level, with the $493.70 one occurring in a price level that has been overwhelming strong for the buyers historically.
While Friday’s high volume may be viewed as some as ammunition getting ready to be reemployed in the market, based on how low volumes have been in the past seven months & how high Friday’s bearish session’s volume was we may be looking at more declining behavior in the near-term.
QQQ has support at the $493.70 (Volume Sentiment: Buyers, 17.25), $489.20 (50 Day Moving Average, Volume Sentiment: Buyers, 1.25:1), $484.86 (Volume Sentiment: Buyers, 3.5:1) & $483.75/share (Volume Sentiment: Buyers, 1.2:1) price levels, with resistance at the $501.35 (Volume Sentiment: Buyers, 2:0*), $502.81 (Volume Sentiment: Buyers, 2:0*), $505.57 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*) & $515.58/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.
QQQ ETF’s Price Level:Volume Sentiment Over The Past ~2 Years
IWM, the iShares Russell 2000 ETF had the worst week of the major four index ETFs, declining -4.05% as investors took profits on the heels of their outperformance from last week.
IWM ETF – iShares Russell 2000 ETF’s Technical Performance Over The Past Year
Their RSI is near the neutral 50 mark & sits at 52.09, while their MACD is bearishly approaching the signal line & looks set to cross over it early this week.
Volumes were -7.19% below the previous year’s average level (30,872,000 vs. 33,265,375), which is rare to see these days, as IWM has been trading at higher volume levels than it had been seven months ago (unlike SPY & QQQ).
Unlike SPY & QQQ, WM’s week kicked off on an advancing session that reached a new all-time high, but it was on low volume & resulted in a spinning top candle which means that there was a bit of uncertainty among market participants.
This led to the avalanche of tall red candles that came throughout the rest of the week, as investors took their profits from the previous week & went running.
Thursday’s session saw a temporary breakdown of the 10 DMA’s support, which led to Friday’s open below it & continued move downward towards near the $227.50/share level ($227.81).
IWM’s closing level on Friday sits right atop the $227/share support zone, but the window created by last Wednesday is still sitting open & the past couple of weeks have shown both the tops & bottoms of IWM’s trading begin to close up & narrow, indicating that there is an added degree of uncertainty in the market right now.
Should the window continue to close, the 50 Day Moving Average will become the place of focus as it continues moving higher & will likely be near the bottom of the window by the time a test comes.
The first four support levels from Friday’s close have been seller dominated 2:1 over the past 3-4 years.
As for the upside, if IWM breaks above its 10 DMA the only resistance level above it is the all-time high, which it will need some strong volume to break above.
This may prove difficult, given that IWM’s current average prior year’s volume is already higher than it was seven months ago, which is not the case for SPY or QQQ.
IWM has support at the $227.85 (Volume Sentiment: Sellers, 2:1), $227.17 (Volume Sentiment: Sellers, 2:1), $225.87 (Volume Sentiment: Sellers, 2:1) & $224.17/share (Volume Sentiment: Sellers, 2:1) price levels, with resistance at the $233.07 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*) & $243.39/share (All-Time High, Volume Sentiment: NULL, 0:0*) 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 back down towards neutral & sits currently at 57.03, while their MACD has curled over bearishly & looks primed to cross through the signal line by mid-week.
Volumes were -8.4% below the prior year’s average (3,162,000 vs. 3,451,937), as investors are skittish, but still wetting their beaks on the blue chip index’s components.
Monday kicked off the week with a shooting star candle (bearish) with a new all-time high for DIA.
Tuesday set the stage for some hard times to come, when a bearish engulfing candle sent DIA below the $440/share level before Wednesday’s doji candle that finished relatively in line with Tuesday’s close.
Wednesday the pain continued, as DIA opened higher before another wide-range bearish engulfing candle came from the day’s session, which led to the pain DIA felt Friday when prices gapped down & continued lower after the open to close just below the resistance of the 10 day moving average.
Tomorrow will be an interesting day, as NVDA’s earnings do not directly impact DIA or IWM as they are not a component of those indexes, which will be something for folks to keep in mind over the coming two days of trading.
DIA has a large window from the previous week to fill in on the downside, with their all-time high being the only resistance level, but one that will be a formidable level to break above.
DIA has support at the $432.94 (Volume Sentiment: Buyers, 0.6:0*), $425.79 (Volume Sentiment: Sellers, 1.67:1), $423.86 (50 Day Moving Average, Volume Sentiment: Buyers, 3.2:1) & $417.86/share (Volume Sentiment: Sellers, 7:1) price levels, with resistance at the $434.71 (10 Day Moving Average, Volume Sentiment: Buyers, 0.6:0*) & $444.60/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
Home Builder Confidence Index data & Fed President Goolsbee speaking are Monday morning’s big market data, each coming in at 10 am.
Monday morning kicks off with reports from Brady (BRC) & Twist Bioscience, followed by AECOM, BellRing Brands & Symbiotic after the session’s close.
Tuesday morning features Housing Starts & Building Permits data at 8:30 am, followed by Fed President Goolsbee speaking again at 12:25 pm.
Walmart, Amer Sports, Energizer, Jacobs Solutions, Lowe’s, Medtronic, Oaktree Specialty Lending Corp, Viking Holdings, Vipshop & Weibo report earnings before the opening bell on Tuesday, with Alcon, AZEK, Dolby Labs, Golub Capital, Keysight, La-Z-Boy, Powell Industries, Varex Imaging & ZTO Express set to report after the closing bell.
Wednesday is another Fed speaker day, with Governor Cooks speaking at 11 am & Governor Bowman speaking at 12:15 pm.
Wednesday morning’s earnings reports include Berry Global, Dycom, Global-E Online, Nio, Spire, Target, TJX Companies & Wix.com, followed by NVDA, Copa Holdings, Jack In The Box, Maximus, Palo Alto Networks, Snowflake & Sociedad Quimica y Minera after the session’s closing bell.
Thursday begins with Initial Jobless Claims & Philadelphia Fed Manufacturing Survey Data at 8:30 am, Fed President Hammack speaking at 8:45 am, Existing Home Sales & Leading Economic Index data reported at 10 am, Fed President Schmid speaking at 1:10 pm & Fed Vice Chair For Supervision Barr speaking at 4:40 pm.
Deere & Company, Atkore International, BJ’s Wholesale, KE Holdings, Shoe Carnival, Vestis & Warner Music Group report earnings on Thursday morning before the session’s open, with Copart, Elastic, Gap, Intuit, Ross Stores & UGI Group reporting after the close.
S&P Flash U.S. Services PMI & S&P Flash U.S. Manufacturing PMI data come out Friday morning at 9:45 am, followed by Consumer Sentiment (final) data at 10 am & Fed Governor Bowman speaking at 6:15 pm.
Friday’s primary earnings report is Buckle before the session’s open.
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 ***
