Author: OptimizedValue

SPY, the SPDR S&P 500 ETF shed -1.42% this past week, as investors broadly were taking chips off of the table from stocks of all market cap sizes.

Their RSI is trending towards oversold at 60.04, and their MACD is primed to bearishly crossover in the coming session.

Volumes this past week were roughly average compared to the year prior, with Friday’s gravestone doji candlestick indicating that investors have begun to lose enthusiasm & points towards more declines in the coming week.

The week kicked off with SPY hitting a new high, only to retreat & close lower, followed by a dragonfly doji candle on Tuesday, indicating a reversal was imminent & a spinning top Wednesday, which indicated further indecision by market participants.

Friday’s session’s price action taking place largely underneath the 10 day moving average is also a sign of support being broken in early stages, which is also bearish.

SPY has support at the $424.79 (Volume Sentiment: Sellers, 1.24:1), $418.03 (50 Day Moving Average; Volume Sentiment: Sellers, 1.33:1), $415.18 (Volume Sentiment: Buyers, 3:1) & $405.55/share (Volume Sentiment: Sellers, 1.90:1) price levels, with resistance at the $435.34 (10 Day Moving Average; Volume Sentiment: Buyers, 4.25:1), $443.18 (Volume Sentiment: Sellers, 1.35:1) $447.43 (Volume Sentiment: Buyers, 1.14:1) & $452.69/share (Volume Sentiment: Sellers, 1.25:1) price levels.

QQQ, the Invesco QQQ Trust ETF lost -1.33% this past week, faring the best of the major indexes in a week of declines across the board.

Their RSI has retreated from overbought conditions this past week to settle at 63.07 & their MACD has bearishly crossed over.

Trading volumes were about average compared to the year prior, with last week’s candlesticks indicating further declines are on the horizon.

Like SPY, QQQ opened the week testing to break out of last week’s highs, but ultimately closed lower on Monday, followed by a spinning top of Tuesday that showed investors weren’t certain about last week’s trend.

Thursday’s candle was a bullish engulfing candle, but Friday closed off with a doji where the open & close were on the bottom half of the candle, indicating that the sentiment overall has become more cautious.

QQQ has support at the $336.24 (50 Day Moving Average; Volume Sentiment: Sellers, 1.69:1), $332.05 (Volume Sentiment: Sellers, 3.2:1), $312.77 (Volume Sentiment: Sellers, 3.64:1) & $308.88/share (Volume Sentiment: Buyers, 1.55:1) price levels, with resistance at the $363.69 (10 Day Moving Average; Volume Sentiment: Buyers, 2.5:1), $372.34 (Volume Sentiment: Sellers, 1:0*), $377.97 (Volume Sentiment: Buyers, 1.33:1) & $404.02/share (Volume Sentiment: NULL, 0:0*) price levels.

IWM, the iShares Russell 2000 ETF fell -2.89% this past week, as small cap stocks were the most fled from.

Their RSI is just below the neutral level of 50 at 48.23, and their MACD bearishly crossed over during the past week.

Volumes were above average this past week compared to the year prior, indicating investor sentiment is largely negative.

The week before, IWM indicated a reversal on the horizon with a piercing line pattern on Thursday & Friday, with Monday’s session forming a dark cloud cover pattern with the previous Friday’s candle.

Tuesday’s dragonfly doji confirmed the reversal, as Wednesday’s spinning top candle, and Friday’s gravestone doji candle indicates that more bearishness is likely to come in the upcoming week.

IWM has support at the $179.28 (Volume Sentiment: Buyers, 1.84:1), $178.36 (200 Day Moving Average; Volume Sentiment: Buyers, 1.84:1), $177.67 (50 Day Moving Average; Volume Sentiment: Sellers, 1.06:1) & $175.34/share (Volume Sentiment: Buyers, 1.45:1) price levels, with resistance at the $183.56 (Volume Sentiment: Sellers, 1.23:1), $185.18 (10 Day Moving Average; Volume Sentiment: Buyers, 1.75:1), $185.44 (Volume Sentiment: Buyers, 1.75:1) & $186.81/share (Volume Sentiment: Buyers, 1.91:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF declined -1.69% over the past week, as even large cap names were not spared from the week’s selling pressure.

Their RSI is neutral, with their MACD also giving a bearish signal reading.

Last week’s volumes were overall relatively average compared to the year prior, signaling that investors have become less confident in the large cap DJIA names.

The week kicked off Monday forming a dark cloud cover pattern over Friday’s candlestick, which led to the declines of the rest of the week.

The middle of the week signaled further bearishness/uncertainty, with a handing man, doji & spinning top, that was finished off with more bearish uncertainty Friday, which closed with a gap down session doji candle.

DIA has support at the $336.44 (Volume Sentiment: Buyers, 1.01:1), $335.27 (50 Day Moving Average, Volume Sentiment: Buyers, 1.20:1), $326.32 (Volume Sentiment: Sellers, 1.19:1) & $325.09/share (Volume Sentiment: Sellers, 1.19:1) price levels, with resistance at the $340.04 (Volume Sentiment: Buyers, 1.71:1), $340.36 (Volume Sentiment: Buyers, 1.71:1), $340.37 (10 Day Moving Average; Volume Sentiment: Buyers, 1.71:1) & $341.08/share (Volume Sentiment: Buyers, 1.71:1) price levels.

Argentina (ARGT), U.S. Home Construction (ITB), Emerging Markets Local Debt (ELD) & Spain (EWP) Are All Bullishly Leading The Market

ARGT, the Global X MSCI Argentina ETF has climbed +82.37% over the past year, including a +96.65% ascent from their 52-week low in July of 2022 (ex-distributions).

Their RSI is overbought at 71.01 & their MACD is beginning to curl over signaling near-term bearishness after climbing aggressively in the latter portions of June.

Recent trading volumes have been above average compared to the year prior, signaling strong conviction among investors, but Thursday’s completion of a bearish Harame pattern further indicates a near-term reversal.

The 10 day moving average at $44.53 will be an area of support to watch in the coming week.

Note that ARGT pays a 1.82% distribution yield for long-term holders, which provides a moderate cushion against losses, which suggests that an insurance policy using options is best for investors with an open positions (such as selling near-term out of the money calls or buying puts), while watching their behavior at support levels.

ARGT has support at the $44.53 (10 Day Moving Average; Volume Sentiment: NULL, 0:0*), $41.96 (Volume Sentiment: Buyers, 0.3:0*), $41.59 (Volume Sentiment: Buyers, 0.3:0*) & $41.27/share (50 Day Moving Average: ; Volume Sentiment: Buyers, 0.3:0*), with resistance overhead at the $46.95 (Volume Sentiment: NULL, 0:0*), as they are near an all-time high.

ITB, the iShares U.S. Home Construction ETF has gained +58.42% over the past year, earning +63.54% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is also overbought at 71.27, with their MACD still bullish, but signaling a bearish crossover is on the near-term horizon, as they closed Friday’s session near their all-time high (from 2022).

Recent trading volumes have been slightly below average compared to the year prior, signaling waning enthusiasm among investors & Thursday’s inside candle when combined with Friday’s session, that while was a bullish day, had a much longer upper shadow than lower shadow (barely visible) signals investors are becoming skittish at these high levels & a correction is on the near-horizon.

Unfortunately, ITB’s distribution yield for long-term investors is only 0.62%, which hardly provides any cushion against losses, making it wise to have an insurance policy using options, or to liquidate a position while waiting to see where the dust settles as they retest support levels.

ITB has support at the $80.75 (10 Day Moving Average; Volume Sentiment: NULL, 0:0*), $77.74 (Volume Sentiment: Buyers, 1.18:1), $76.02 (50 Day Moving Average; Volume Sentiment: Buyers, 5:1) & $73.65/share (Volume Sentiment: Sellers, 1.24:1) price levels, with resistance at the $82.42/share price level (All-time high, from 2022; Volume Sentiment: NULL, 0:0*).

ELD, the Wisdom Tree Emerging Markets Local Debt Fund ETF has improved +14.39% over the past year, edging up +16.44% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is returning from overbought conditions & has fallen to 64.74 (still above neutral), with their MACD having curled over bearishly & prone to crossover bearish in the coming days.

Investors seem to be unenthused at the moment, with recent trading volumes being below average compared to the year prior & last week’s candlesticks consisting of all spinning tops & a hanging man on Wednesday, signaling a reversal is imminent.

While they offer a generous 4.82% distribution yield, unless holding an options strategy to protect against losses investors should be weary of impending losses on the near horizon & be ready to watch their behavior at support levels in the coming weeks.

ELD has support at the $27.68 (10 Day Moving Average; Volume Sentiment: Sellers, 1.14:1), $27.52 (Volume Sentiment: Sellers, 1.14:1), $27.07 (50 Day Moving Average; Volume Sentiment: Sellers, 1.14:1) & $26.10/share (Volume Sentiment: Buyers, 1.25:1), with resistance at the $27.90 (Volume Sentiment: Sellers, 1.14:1), $28.45 (2022; Volume Sentiment: Sellers, 1.07:1), $28.61 (2021; Volume Sentiment: Sellers, 1.07:1) $30.50/share (2021; Volume Sentiment: Buyers, 1.03:1) price levels.

EWP, the iShares MSCI Spain Capped ETF has gained +21.83% over the past year, climbing 43.49% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is neutral at 47.98, with their MACD looking ready to crossover bearishly during Monday or Tuesday’s session.

Recent trading volumes have been below average compared to the year prior (with exception to a couple of days 2 weeks ago) signaling that enthusiasm is running low among investors, and Thursday’s doji candle combined with Friday’s -1.81% gap down gravestone doji candle that opened below the 10 & 50 day moving averages & never came near them as resistance levels signals near-term bearishness.

With a 2.62% distribution yield there is some protection against future losses, but shareholders would be wise to protect themselves with an options strategy that is appropriate to their experience level while watching their behavior at support levels.

EWP has support at the $27.62 (Volume Sentiment: Buyers, 1.51:1), $27.05 (Volume Sentiment: Buyers, 1.51:1), $26.43 (Volume Sentiment: Buyers, 1.03:1) & $25.81/share (Volume Sentiment: Buyers, 1.40:1) price levels, with resistance at the $27.85 (50 Day Moving Average; Volume Sentiment: Buyers, 1.51:1), $27.98 (10 Day Moving Average; Volume Sentiment: Buyers, 1.51:1), $28.70 (Volume Sentiment: Buyers, 1.81:1) & $28.81/share (Volume Sentiment: Buyers, 1.81:1) price levels.

Cannabis (POTX), Energy (ERX), China (MCHI) & Global Natural Resources (GNR) Are All Bearishly Lagging The Market

POTX, the Global X Cannabis ETF has lost -61.16% over the past year, losing -66.82% from their 52-week high in August of 2022, but has improved +1.36% since their 52-week low in June of 2023 (ex-distributions).

Their RSI is just above oversold levels at 30.31 after a long, steady decline over the past few years, with their MACD also bearish.

Most of the past week’s candlesticks were dojis, including two dragonfly dojis midweek as they declined on below average volume as investors really don’t seem to know what to make of this ETF currently & are most likely waiting for some regulatory news to spark a turnaround.

While their 5.44% distribution yield is generous, I’m not certain that this is worth the risk for the reasons outlined above, but for those who want to take the risk be advised to have insurance for the position just in case.

There is no support level as they are at an all time low with Friday’s close, with resistance overhead at the $6.95 (Volume Sentiment: NULL, 0:0), $7.08 (10 Day Moving Average; Volume Sentiment: Buyers, 1.25:1), $7.40 (Volume Sentiment: Buyers, 1.25:1), $7.82 (Volume Sentiment: Buyers, 1.25:1) & $7.91/share (50 Day Moving Average; Volume Sentiment: Buyers, 1.25:1).

ERX, Direxion Daily Energy Bull 2x Shares ETF has gained +12.39% over the past year, but has fallen -36.18% from their 52-week high in November of 2022, while rebounding +28% from their 52-week low in July of 2022 (ex-distributions).

Their RSI is on the oversold end of neutral at 40.48 & their MACD crossed over bearishly last week.

Trading volumes have been well below average for a while now compared to the year prior, signaling investors are not feeling confident in their prospects, with Friday’s -1.7% gap down & spinning top candle further adding to the uncertain/bearish sentiment.

While ERX does offer a 3.44% distribution yield, that is not much protection against downside losses, making it wise to have a form of options strategy in place to protect existing positions from losses while waiting to see how they behave around support levels.

ERX has support at the $48.95 (Volume Sentiment: Sellers, 3.2:0*), $48.47 (Volume Sentiment: Sellers, 3.2:0*), $47.95 (Volume Sentiment: NULL, 0:0) & $47.31/share (Volume Sentiment: NULL, 0:0) price levels, with resistance at the $48.95 (Volume Sentiment: Sellers, 3.2:0*), $50.43 (Volume Sentiment: Buyers, 1.36:1), $50.84 (Volume Sentiment: Buyers, 1.36:1) & $52.54 (10 Day Moving Average; Volume Sentiment: Sellers, 1.06:1) price levels.

MCHI, the iShares MSCI China ETF has declined -16.66% over the past year, losing -22.6% from their 52-week high in June of 2022, while gaining +26.16% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is on the oversold end of neutral at 40.86, with their MACD just having crossed over bearishly this past week.

Recent trading volumes have been below average compared to the year prior (with exception to a couple of days in the past 2 weeks), which is further confirmed by last week’s two gap down sessions that cleared below all of their major moving averages & continued downward & include a shooting star & dragonfly doji midweek.

Their 1.81% distribution yield for long-term holders is not very much protection against further downside, making it imperative to have some form of an insurance strategy in place for any open long-positions.

MCHI has support at the $43.91 (Volume Sentiment: Sellers, 1.71:1), $42.18 (Volume Sentiment: Even, 1:1), $41.45 (Volume Sentiment: Sellers, 2.17:1) & $41.22/share (Volume Sentiment: Sellers, 2.17:1) price levels, with resistance at the $44.60 (Volume Sentiment: Sellers, 1.19:1), $45.70 (Volume Sentiment: Sellers, 2.41:1), $45.97 (10 Day Moving Average; Volume Sentiment: Sellers, 2.41:1) & $46.28/share (50 Day Moving Average; Volume Sentiment: Sellers, 1.2:1) price levels.

GNR, the SPDR S&P Global Natural Resources ETF has nudged ahead +6.93% over the past year, declining -15.21% from their 52-week high in January of 2023, but gaining +11.6% from their 52-week low in July of 2022 (ex-distributions).

Their RSI is on the oversold end of neutral at 41.96, with their MACD being bearish.

Recent trading volumes have been below average for the year prior, with two gap down sessions last week & a dragonfly doji on Thursday & a -1.61% gap down doji session further confirming near-term uncertainty among investors.

Their 4.29% distribution yield will provide some protection against losses, insurance would be wise to have in the coming weeks against further declines.

GNR has support at the $51.50 (Volume Sentiment: Even, 1:1), $51.27 (Volume Sentiment: Even, 1:1), $51.01 (Volume Sentiment: Even, 1:1) & $50.48/share (Volume Sentiment: Sellers, 1.32:1) price levels, with resistance at the $52.80 (Volume Sentiment: Sellers, 1.18:1), $54.02 (Volume Sentiment: Sellers, 1.56:1), $54.06 (10 Day Moving Average; Volume Sentiment: Sellers, 1.56:1) & $54.36/share (50 Day Moving Average; Volume Sentiment: Sellers, 1.56:1) price levels.

Tying It All Together

This week starts off on a quiet note, with no major data announcements on Monday, and Carnival reporting earnings.

Tuesday we get Durable-Goods Orders & Durable-Goods Minus Transportation data at 8:30 am, followed by the S&P Case-Schiller Home Price Index (20 Cities) at 9 am, and New Home Sales & Consumer Confidence data at 10 am.

Also on Tuesday, Walgreens Boots Alliance, AeroVironment, Jefferies & Schnitzer Steel will report earnings.

Wednesday kicks off at 8:30 am with Advanced U.S. Trade Balance in Goods, Advanced Retail Inventories & Advanced Wholesale Inventories, followed by Fed Chair Powell speaking at 9:30 am.

BlackBerry, General Mills, H.B. Fuller, Korn/Ferry, Micron Technology, National Beverage & Worthington Industries all report earnings on Wednesday.

Thursday at 2:30 am Fed Chair Powell is set to speak, followed by Initial Jobless Claims data at 8:30 am & Pending Homes Sales data will be reported at 10 am.

Nike, Greenbrier, McCormick, Paychex, Rite Aid, Simply Good Foods are among the earnings reports set for Thursday.

Friday morning will be busy on the data front, beginning at 8:30 am with Personal Income (nominal), Personal Spending (nominal), PCE Index, Core PCE Index, PCE (year-over-year) & Core PCE (year-over-year), followed by the Chicago Business Barometer at 9:45 am & Consumer Sentiment (final) data at 10 am.

Constellation Brands will also report earnings on Friday.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, ARGT, ITB, ELD, EWP, POTX, ERX, MCHI, or GNR AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF added +0.46% last week, with stocks remaining relatively flat in the index all week, prior to Thursday’s session & Friday’s +0.18% gap up day on a gravestone doji candlestick (we will jump into that in a moment).

Their RSI is approaching overbought levels at 66.68 (per Friday’s close), with volumes being average at best during the week compared to the year prior, as this week’s data & rates announcements are high on investors’ minds.

SPY’s MACD is still showing bullishness, but their candlesticks are signaling a bit of uncertainty amongst investors.

Monday through Thursday, their candles look like a shelf of books, all tightly tied to the closing price of the previous Friday’s session (which also happened to be a gap up).

The gravestone doji is a major showing of uncertainty, if not bearishness, as the day’s session had enough range of prices to create the shadows of the candlestick, but the opening & closing price were near identical, and on the lower end of the day’s overall trading range.

Clearly, there are some concerns about the near-term future performance about the S&P 500, which the CPI, PPI & Fed interest rate announcement are causing.

SPY has support at the $426.37 (Volume Sentiment: Sellers, 1.56:1), $424.85 (10 Day Moving Average; Volume Sentiment: Sellers, 1.56:1) , $416.72 (Volume Sentiment: Sellers, 1.33:1) & $414.13/share (50 Day Moving Average; Volume Sentiment: Buyers, 3:1) price levels, with resistance at the $438.53 (Volume Sentiment: Sellers, 1.32:1), $442.12 (Volume Sentiment: Sellers, 1.35:1), $449.09 (Volume Sentiment: Buyers, 1.89:1) & $454.37/share (Volume Sentiment: Sellers, 1.25:1) price levels.

QQQ, the Invesco QQQ Trust ETF took a modest -0.04% decline last week, in a slightly more bearish, but similar appearing week to the S&P 500.

Their RSI looks set to cross back into overbought territory after closing on Friday at 69.47, but trading volumes all week were nothing spectacular & their MACD looks ready to make a bearish crossover in the coming days’ sessions.

QQQ’s Monday through Thursday candlesticks also behaved as an extension of the range that the previous Friday’s gap up created, with a similar gravestone doji candlestick on Friday’s +0.39% gap up session.

It goes without saying that this would be the case for the tech heavy NASDAQ index, who would be more adversely impacted by further interest rate hikes, whether one happens on Wednesday, or one becomes evident in the coming months based on the data being reported Tuesday & Wednesday before the announcement.

QQQ has support at the $351.92 (10 Day Moving Average; Volume Sentiment: Even, 1:1), $332.51 (Volume Sentiment: Sellers, 3.2:1), $328.09 (50 Day Moving Average; Volume Sentiment: Sellers, 1.8:1) & $313.19 (Volume Sentiment: Sellers, 3.64:1), with resistance a the $368.99 (Volume Sentiment: Buyers, 0.75:0*), $375.07 (Volume Sentiment: Sellers, 1:0*) , $378.49 (Volume Sentiment: Buyers, 1.33:1) & $401/share (Volume Sentiment: Even, 0:0*).

IWM, the iShares Russell 2000 ETF gained +1.93% last week, as investors retreated to safety in small cap stocks in anticipation of further uncertainty.

To no surprise, the small cap oriented Russell 2000’s chart offers a different view than the S&P 500 & NASDAQ’s, with IWM’s RSI being at 62.42 & with the week’s overall volume being above average compared to the year prior.

Their MACD has been in a steep bullish incline, but is beginning to show signs of faltering in the near-term.

Friday’s session confirmed that even the investors who flocked into the small cap names are still on edge & nervous, as Wednesday’s gap up was followed by a down session with a spinning top & then a -0.84% Friday session.

IWM has support at the $183.56 (Volume Sentiment: Sellers, 1.23:1), $180.23 (10 Day Moving Average; Volume Sentiment: Sellers, 1.1:1), $179.28 (Volume Sentiment: Buyers, 1.84:1) & $178.26/share (200 Day Moving Average; Volume Sentiment: Buyers, 1.84:1) , with resistance at the $185.44 (Volume Sentiment: Buyers, 1.84:1) , $186.81 (Volume Sentiment: Buyers, 1.91:1), $187.48 (Volume Sentiment: Buyers, 1.91:1) & $187.77/share (Volume Sentiment: Buyers, 1.91:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF added +0.35% last week, started the week off on a down day, but managed to scrape together a decent week overall.

Their RSI is trending towards overbought, but remains at 61.09, but the week’s volumes were subdued compared to the year prior.

Their MACD is still bullish, but beginning to show signals of weakening sentiment.

Tuesday’s dragonfly doji prompted the rally into the end of the week after Monday’s losses, but their upcoming resistance tests pose some difficulty for the index.

DIA has support at the $337.20 (Volume Sentiment: Buyers, 1.01:1), $334.75 (10 Day Moving Average; Volume Sentiment: Buyers, 1.20:1), $334.63 (50 Day Moving Average; Volume Sentiment: Buyers, 1.20:1) & $327.05/share (Volume Sentiment: Sellers, 1.19:1) & resistance at the $340.80 (Volume Sentiment: Buyers, 1.71:1) , $341.13 (Volume Sentiment: Buyers, 1.71:1) , $341.85 (Volume Sentiment: Buyers, 1.71:1) & $344.72/share (Volume Sentiment: Even 1:1) price levels.

Semiconductors (SOXL), Brazil (BRZU), Latin America 40 (ILF) & Housing (HOMZ) Have All Been Bullishly Leading The Market

SOXL, the Direxion Daily Semiconductors Bull 3x Shares ETF has gained +45.44% over the past year, gaining an impressive +260.71% since its 52-week low in October of 2022 (ex-distributions), to close at $22.40/share (Volume Sentiment: Buyers, 1.57:1).

Their RSI is approaching overbought territory (at 66.84 at Friday’s close), but their MACD is beginning to signal a bearish crossover in the coming week.

Weaker than average volumes last week compared to the week prior confirm investors are feeling on the fence with SOXL & their sentiment is a signal of impending weakness.

Last week’s candlesticks’ opening & closing levels being tied tightly to a $22-range also confirm that investors are feeling on the fence at the moment.

Their 0.54% distribution yield does not provide much of a cushion to protect against losses.

Shareholders who are not looking to trim positions should have an insurance policy (selling calls, buying puts) & non-shareholders should be eyeing how they behave around their support levels in the near-term to find where they might like to enter a position when an uptrend has been established.

SOXL has support at the $22.09 (Volume Sentiment: Buyers, 1.57:1), $22.01 (10 Day Moving Average; Volume Sentiment: Buyers, 1.57:1), $20.43 (Volume Sentiment: & $19.22 (Volume Sentiment: Buyers, 1.94:1) , with resistance at the $24.80 (Volume Sentiment: NULL, 0:0*), $26.03 (Volume Sentiment: NULL, 0:0*), $27.87 (Volume Sentiment: NULL, 0:0*) & $32.77/share (Volume Sentiment: NULL, 0:0*) price levels.

BRZU, the Direxion Daily Brazil Bull 2x Shares ETF has climbed +22.47% over the past year, posting a +62.7% gain since their 52-week low in February of 2023 (ex-distributions) to close at $86.19/share on Friday (Volume Sentiment: Even, 0:0*).

Their RSI is overbought at 72.99 (per Friday’s close), after the prior Friday’s gap up spurred an +11.67% climb last week.

While their MACD is still bullish, volumes have been lighter than the year prior’s average, signaling uncertainty, which is confirmed by the many spinning top candlesticks of last week & Friday’s candle’s open & close occupying the bottom of the candle, with an upper shadow but no lower shadow.

BRZU pays a 3.71% distribution yield, which offers some protection for investors against losses, but an additional insurance policy through an options strategy would be wise in the near-term, while watching their behavior at support levels.

BRZU has support at the $84.36 (Volume Sentiment: NULL, 0:0*), $84.26 (Volume Sentiment: NULL, 0:0*), $84.01 (Volume Sentiment: NULL, 0:0*) & $80.92/share (Volume Sentiment: Sellers, 1.67:1) price levels, with resistance at the $86.93 (Volume Sentiment: NULL, 0:0*), $87.30 (Volume Sentiment: NULL, 0:0*), $92.79 (Volume Sentiment: NULL, 0:0*) & $92.93/share (Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $86.93 (Volume Sentiment: NULL, 0:0*), $87.30 (Volume Sentiment: NULL, 0:0*), $92.79 (Volume Sentiment: NULL, 0:0*) & $92.93/share (Volume Sentiment: NULL, 0:0*) price levels.

ILF, iShares Latin America 40 ETF has risen +23.77% over the past year, notching +29.1% since their 52-week low of July in 2022 (ex-distributions) to close at $26.78/share (Volume Sentiment: Buyers, 1.02:1).

Their RSI is overbought at 72.53 & their MACD is bullish, after last week’s rally continued the jump of the previous Friday’s gap up session.

Last week’s volumes were below average compared to the week prior, which when combined with the candlesticks of the week signal that investors are beginning to feel nervous in the near-term & a consolidation is imminent.

ILF offers an 8.56% distribution yield, which will provide some protection against declines, but shareholders should be looking for an insurance play to protect themselves in the near-term, while watching their behavior at support levels.

ILF has support at the $25.59 (Volume Sentiment: Buyers, 1.41:1), $25.50 (10 Day Moving Average; Volume Sentiment: Buyers, 1.41:1), $25.32 (Volume Sentiment: Buyers, 1.41:1) & $24.87/share (Volume Sentiment: Buyers, 1.15:1) price levels, with resistance at the $27.26 (Volume Sentiment: Buyers, 1.27:1), $27.28 (Volume Sentiment: Buyers, 1.27:1), $27.39 (Volume Sentiment: Buyers, 1.27:1) & $27.51/share (Volume Sentiment: Buyers, 1.27:1) price levels.

HOMZ, the Hoya Capital Housing ETF has posted +17.42% gains over the past year, climbing +27.1% from their 52-week low in October of 2022 (ex-distributions) to close at $36.82/share (Volume Sentiment: Sellers, 1.15:1).

Their RSI is returning towards neutral, but still close to overbought at 64.46 & their MACD looks primed to roll over bearish in the near-term.

Wednesday’s gap up session was followed by two days whose price action was entirely contained within the range of Wednesday’s candle, showing that investors are somewhat unsure as to which way to go.

While they offer a 2.05% distribution yield as a cushion, caution should be exercised in regards to opening a new position until seeing how their support levels hold up in the near-term, and trading an insurance style options strategy in the meantime will provide portfolio protection until a stronger uptrend emerges.

HOMZ has support at the $35.78 (10 Day Moving Average; Volume Sentiment: Buyers, 1.4:1), $34.93 (50 Day Moving Average; Volume Sentiment: Buyers, 1.64:1), $34.63 (Volume Sentiment: Buyers, 1.64:1) & $33.67/share (Volume Sentiment: Buyers, 1.33:1) price levels, with resistance at the $37.18 (Volume Sentiment: Sellers, 1.62:1), $37.39 (Volume Sentiment: Sellers, 1.62:1), $39.65 (Volume Sentiment: Sellers, 1.64:1) & $43.99/share (Volume Sentiment: Buyers, 2:1).

Utilities (UTSL), Malaysia (EWM), Energy (PXI) & Zero Coupon 25+ U.S. Treasury (ZROZ) Have All Been Bearishly Lagging The Market

UTSL, the Direxion Daily Utilities Bull 3x Shares ETF has fallen -19.09% over the past year, losing -46.6% from their 52-week high in August of 2022, but reclaiming +19.03% from their 52-week low in October of 2022 (ex-distributions), to close at $26.08/share (Volume Sentiment: Buyers, 1.13:1).

Their RSI is on the oversold end of neutral at 47.34, with last week’s volume being above average compared to the year prior.

However, their MACD is signaling further near-term weakness, with a bearish crossover on the horizon.

While their 2.34% distribution yield offers some form of protection against losses, unless trading an insurance strategy with options, it will be best to watch how their support levels hold up in the coming weeks before entering or adding to a position.

UTSL has support at the $25.04 (10 Day Moving Average; Volume Sentiment: Buyers, 1.22:1), $23.84 (Volume Sentiment: Sellers, 1.5:1), $23.69 (Volume Sentiment: Sellers, 1.5:1) & $23.47/share (Volume Sentiment: Sellers, 1.5:1) price levels, with resistance at the $26.17 (Volume Sentiment: Buyers, 1.13:1), $26.71 (Volume Sentiment: Buyers, 1.13:1) , $26.73 (Volume Sentiment: Buyers, 1.13:1) & $27.01/share (Volume Sentiment: Sellers, 2.13:1) price levels.

EWM, the iShares MSCI Malaysia ETF has lost -5.84% over the past year, losing -16.42% from their 52-week high in January of 2023, but has recovered +2.86% since their 52-week low in October of 2022 (ex-distributions), to close at $20.16/share (Volume Sentiment: Even, 1:1).

Their RSI is approaching oversold levels at 31.19, with last week’s volumes falling relatively in line with the year prior’s average.

Their MACD is about to cross over bullishly, which may help them break free of the range that their candlesticks were trading in on Tuesday, Wednesday & Friday.

Friday’s hanging man candle is a cause for concern among investors thought, and their distribution yield only provides 2.9% of protection against losses for longterm holders.

EWM has support at the $20.01 (Volume Sentiment: Even, 1:1), $19.65 (Volume Sentiment: Buyers, 1.06:1), $19.64 (Volume Sentiment: Buyers, 1.06:1) & $19.07/share (Volume Sentiment: Sellers, 1.05:1) & resistance at the $20.20 (Volume Sentiment: Even, 1:1), $20.27 (50 Day Moving Average; Volume Sentiment: Even, 1:1) , $20.52 (Volume Sentiment: Even, 1:1) & $20.56/share (Volume Sentiment: Even, 1:1) price levels.

PXI, the Invesco DWA Energy Momentum Fund ETF has fallen -14.57% over the past year, declining -23.17% from their 52-week high in November of 2022, but has reclaimed +15.04% since their 52-week low in July of 2022 (ex-distributions), to close at $38.71/share (Volume Sentiment: Sellers, 1.33:1).

Their RSI is on the overbought end of neutral at 56.55, while their MACD is still bullish.

Volumes were below average last week, signaling uncertainty by investors, and it will be interesting to see if their 50 day moving average can provide enough support to keep them from filling the gap from Wednesday’s session.

They offer a 3.85% distribution yield for long-term holders, which can provide some protection against losses, but an insurance strategy would be beneficial to have in the near-term.

PXI has support at the $38.36 (50 Day Moving Average; Volume Sentiment: Sellers, 1.33:1), $38.26 (Volume Sentiment: Sellers, 1.33:1), $37.52 (10 Day Moving Average; Volume Sentiment: Buyers, 1.1:1) & $36.67 (Volume Sentiment: Sellers, 1.73:1), with resistance at the $38.93 (Volume Sentiment: Sellers, 1.33:1), $39.57 (Volume Sentiment: Buyers, 1.30:1), $40.08 (Volume Sentiment: Sellers, 1.67:1) & $40.94/share (Volume Sentiment: Sellers, 1.67:1) price levels.

ZROZ, the PIMCO 25+ Year Zero Coupon U.S. Treasury ETF has lost -10.37% over the past year, falling -21.87% from their 52-week high in August of 2022, but has gained +15.92% since their 52-week low in October of 2022 (ex-distributions), to close at $89.85/share (Volume Sentiment: Sellers, 1.67:1).

Their RSI is on the oversold end of neutral at 48.77, with their MACD signaling a bearish crossover in the coming days.

Volumes were below average last week compared to the year prior, as their price consolidated, signaling uncertainty among investors.

Their 2.88% distribution yield will provide some relief against potential losses, but watching to see how their support levels hold up in the coming week will be important before deciding on where to enter a position.

ZROZ has support at the $89.75 (10 Day Moving Average; Volume Sentiment: Sellers, 1.67:1), $89.17 (Volume Sentiment: Sellers, 1.67:1), $86.90 (Volume Sentiment: Sellers, 2.71:1) & $86.79/share (Volume Sentiment: Sellers, 2.71:1), with resistance at the $90.27 (Volume Sentiment: Sellers, 1.39:1), $91.11 (Volume Sentiment: Sellers, 1.08:1), $91.28 (Volume Sentiment: Sellers, 1.08:1) & $91.80/share (Volume Sentiment: Sellers, 1.08:1) price levels.

Tying It All Together & The Week Ahead

Monday looks to be quiet on the data being reported front next week, with Oracle’s earnings report being the most anticipated data for the day.

Tuesday heats up with the NFIB Optimism Index at 6 am, followed by the Consumer Price Index, Core CPI, CPI Year-over-Year & Core CPI Year-over-Year being reported at 8:30 am, with no noteworthy earnings reports on tap.

Wednesday kicks off at 8:30 am with the Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year being reported at 8:30 am, with the biggest news of the week coming at 2 pm when the Fed Decision on Interest-Rate Policy is announced & Chairman Powell gives his press conference at 2:30 pm.

Lennar will also be reporting earnings on Wednesday.

Thursday will have a busy day on the data reporting front, with the morning kicking off at 8:30 am for Initial Jobless Claims, U.S. Retail Sales, Retail Sales minus Autos, Import Price Index, Import Price minus Fuel, the Empire State Manufacturing Survey & Philadelphia Fed Manufacturing Survey data, followed by Industrial Production & Capacity Utilization at 9:15 am & Business Inventories data at 10 am.

Thursday’s earnings reports include Adobe & Kroger, along with some others.

The week winds down quietly on Friday, with Consumer Sentiment reported at 10 am & no noteworthy earnings calls on schedule.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, SOXL, BRZU, ILF, HOMZ, UTSL, EWM, PXI, or ZROZ AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF gained +1.88% over the past week, as the largest U.S. stocks & A.I. related names continued to show strength over the past week.

Their RSI is approaching overbought territory at 66.5, with healthy volume all week with the exception of Friday’s session, which was a +1.44% gap up.

Their MACD is still bullish, however, their $426.37/share support level will be a key mark to watch next week, as they try to not fill in Friday’s gap.

SPY has support a the $426.37 (Volume Sentiment: Sellers, 1.24:1), $418.50 (10 day moving average; Volume Sentiment: 1.33:1) , $416.72 (Volume Sentiment: 1.33:1) & $410.48/share (Volume Sentiment: Sellers, 1.57:1) price levels, with resistance overhead at the $438.53 (Volume Sentiment: Sellers, 1.32:1), $442.12 (Volume Sentiment: Sellers, 1.35:1) , $449.09 (Volume Sentiment: Buyers, 1.89:1) & $454.37/share (Volume Sentiment: Sellers, 1.25:1)

QQQ, the Invesco QQQ Trust ETF added +1.79% over the past week, but closed on a spinning top candle, which was an odd twist to the week, as suddenly the low-volume spinning top Friday showed there is some hesitancy & uncertainty after a week & a half of strong performance for NASDAQ names.

Their RSI has gone into overbought territory following Monday’s session & is currently at 75.91, with strong volume all week with the exception of Thursday & Friday.

QQQ’s MACD is also bullish, but Friday’s session’s spinning top on a +0.75% day signals that there is uncertainty in the strength of their near-term performance.

QQQ has support at the $343.19 (10 Day Moving Average; Volume Sentiment: Sellers, 1.2:1), $332.51 (Volume Sentiment: Sellers, 3.2:1), $323.75 (50 Day Moving Average; Volume Sentiment: Sellers, 2:1) & $313.19/share (Volume Sentiment: 1.55:1), with resistance at the $368.99 (Volume Sentiment: Buyers, 0.75:0*), $375.07 (Volume Sentiment: Sellers, 1:0*), $378.49 (Volume Sentiment: Buyers, 1.33:1) & $401.00/share (Volume Sentiment: NULL, 0:0*) price levels.

IWM, the iShares Russell 2000 ETF fared the best this past week, climbing +3.3%, as small cap names also showed strength alongside the mega-cap names that dominated the week’s headlines.

Their RSI has remained the most tame, but is still approaching overbought conditions at 62.25, with Friday’s volume being the strongest of the week on their +3.6% gap up session.

Their MACD is bullish, but their 200 & 10 day moving averages will be the main places to watch next week, as they fall within the range of Friday’s gap & will be the primary support for keeping it from filling.

IWM has support at the $179.78 (Volume Sentiment: Buyers, 1.84:1), $178.93 (200 Day Moving Average; Volume Sentiment: Buyers, 1.84:1), $176.45 (10 Day Moving Average; Volume Sentiment: Sellers, 1.06:1) & $175.83/share (Volume Sentiment: Buyers, 1.45:1) price levels, with resistance at the $184.07 (Volume Sentiment: Buyers, 1.75:1), $185.95 (Volume Sentiment: Buyers, 1.75:1), $187.32 (Volume Sentiment: Buyers, 1.91:1 ) & $187.89/share (Volume Sentiment: Buyers, 1.91:1) price levels.

Let’s dive into some of the best & worst performing sectors, industries & geo-locations in the market now, based on our technical analysis ratings of their respective ETFs!

South Korea (KORU), Greece (GREK), Russell 1000 (IWB) & Industrials Momentum Stocks (PRN) Are All Bullishly Leading The Market

KORU, the Direxion Daily South Korea Bull 3x Shares ETF has fallen -38.05% over the past year, but rebounded a remarkable +109.65% from their 52-week low in October of 2022 (ex-distributions), to close at $10.13/share (Volume Sentiment: Sellers, 1.32:1).

Their RSI is approaching overbought territory at 66.25, with below average volume over the past week, signaling uncertainty among investors.

Their MACD is still pointing bullishly, but Friday’s candlestick confirms the uncertainty implied by the week’s volume, with the open & the close taking place in a very narrow range.

Investors thinking about entering a position in KORU would be best suited to watch their behavior around support levels in the near-term, to find a target entry level for when the market has returned into an uptrend.

Their 0.78% distribution yield will not provide much cushion against losses, highlighting the importance of having an defensive insurance policy at play, such as buying puts or selling calls.

KORU has support at the $10.08 (Volume Sentiment: Sellers, 1.32:1), $10.02 (Volume Sentiment: Sellers, 1.32:1), $9.96 (Volume Sentiment: Buyers, 1.74:1) & $9.66/share (Volume Sentiment: Buyers, 1.74:1) price levels, with resistance at the $11.01 (Volume Sentiment: Buyers, 2:1), $11.42 (Volume Sentiment: Buyers, 2:1), $11.72 (Volume Sentiment: Sellers, 2:1) & $15.34/share (Volume Sentiment: Sellers, 4:1) price levels.

GREK, the Global X MSCI Greece ETF has improved +31.03% over the past year, but climbed +65.96% from their 52-week low in September of 2022 (ex-distributions) to close at $34.31/share (Volume Sentiment: Even, 1:1).

Their RSI has retreated slightly from the verge of overbought conditions during the past week, after their gap up on 5/22/2023, with last week’s volume being above average on selling sessions, but underwhelming on the positive days.

Their MACD has begun to curl over bearishly & a bearish crossover looks impending in the coming week, which is confirmed by the uncertainty seen in their candlesticks since the 5/22 gap up, where there are a couple of spinning tops & hanging men (and close but not quite hanging men), with most of the candles’ being contained in the range of Friday’s closing price.

While GREK offers a 2.19% distribution yield for long-term holders, this will have limited impact in terms of cushioning investors against losses, making it imperative to have an options strategy in place for loss protection in the near-term.

Investors should have their eyes peeled to see how they behave around support levels in the near-term, especially the 10 day moving average, as that is the last line of defense before they begin to refill the end of May gap mentioned prior.

GREK has support at the $34.03 (10 Day Moving Average; Volume Sentiment: Even, 1:1), $33.12 (Volume Sentiment: Sellers, 2:1), $32.50 (Volume Sentiment: Buyers, 1.86:1) & $31.96/share (50 Day Moving Average; Volume Sentiment: Sellers, 2.2:1) price levels, with resistance at the $33.84 (Volume Sentiment: Even, 1:1), $35.24 (Volume Sentiment: No Data, 2012 Level), $36.30 (Volume Sentiment: No Data, 2012 Level) & $36.57/share (Volume Sentiment: No Data, 2012 Level) price levels.

IWB, the iShares Russell 1000 ETF has gained +2.09% over the past year, while climbing +20.46% from their 52-week low in October of 2022 (ex-distributions) to close at $234.94/share (Volume Sentiment: Buyers, 2:1).

Their RSI is approaching overbought conditions at 66.53, with the past week’s volume levels being below average compared to the year prior (including on Friday’s +1.57% gap up session).

Their MACD is still bullish, but it will be interesting to see if they try to fill in the gap created at the end of last week.

With a 1.42% distribution yield for long-term holders, there is limited cushion against losses, calling for an options strategy to protect existing shareholders against near-term losses.

For those considering entering a position, it would be advised to watch how they behave in the coming weeks, especially around support levels that fall below Friday’s gap window.

IWB has support at the $230.60 (Volume Sentiment: Buyers, 1.45:1), $229.54 (Volume Sentiment: Buyers, 1.45:1), $226.64 (Volume Sentiment: Buyers, 1.23:1) & $224.80/share (Volume Sentiment (Buyers, 1.23:1), with resistance at the $235.72 (Volume Sentiment: Buyers, 2.24:1), $240.33 (Volume Sentiment: Sellers, 1.32:1), $245.02 (Volume Sentiment: Buyers, 1.35:1) & $249.40/share (Volume Sentiment: Buyers, 1.07:1) price levels.

PRN, the Invesco DWA Industrials Momentum ETF has risen +2.52% over the past year, but has gained +19.65% since their 52-week low in June of 2022 (ex-distributions) to close at $97.28/share (Volume Sentiment: Sellers, 3.36:1).

Their RSI is on the overbought end of neutral at 59.74, with slightly above average volume this past week.

Their MACD looks primed to cross over bullishly after Friday’s +3.28% session, which has one of the largest candle real body sizes of the year on their chart.

With only a 0.91% distribution yield for long-term holders, those who are not in the name yet may want to see how their 10 & 50 day moving averages hold up as support, as both fall within Friday’s candle’s real body, before watching how their other support levels behave to time an entry.

Existing holders would be wise to purchase some insurance in the form of options to protect their holdings from losses, while generating some additional money for when the market begins trending upwards again.

PRN has support at the $95.18 (10 Day Moving Average; Volume Sentiment: Buyers, 1.25:1), $95 (Volume Sentiment, 1.25:1), $94.81 (Volume Sentiment: Sellers, 1.6:1) & $93.84/share (Volume Sentiment: 1.73:1) price levels, with resistance at the $98.24 (Volume Sentiment: Buyers, 1.22:1), $98.46 (Volume Sentiment: Buyers, 1.22:1), $101.36 (Volume Sentiment, Buyers, 9.33:1) & $104.62/share (Volume Sentiment, Sellers, 0.25:0*) price levels.

North American Natural Resources (NANR), Pharmaceuticals (XPH), Metals & Mining (XME) & Global Energy (IXC) Are All Bearishly Lagging The Market

NANR, the SPDR S&P North American Natural Resources ETF has declined -15.08% over the past year, falling -19.21% from their 52-week high in June of 2022, while regaining +11.8% from their 52-week low of July 2022 (ex-distributions) to close at $50.41/share (Volume Sentiment:Buyers, 2:1).

Their RSI is approaching the neutral level of 50 (currently at 45.67), after being in oversold conditions following their most recent selloff.

Friday’s gap up created a bullish MACD crossover, but recent trading volumes have been below average, putting Friday’s 2.4% gap up session in question in terms of a signal of strength.

While they offer a 3.29% distribution yield to long-term holders, an insurance position using options would be best advised in the near-term, while waiting to see how their price holds up at support levels.

The 10 day moving average in particular will be of interest, as it is at the beginning of the window created by Friday’s gap & will act as the gatekeeper that determines whether or not they will continue to decline through filling it or not.

NANR has support at the $49.84 (10 Day Moving Average; Volume Sentiment: Sellers, 1.5:1), $49.16 (Volume Sentiment: Sellers, 1.5:1), $48.26 (Volume Sentiment: Sellers, 14:1) & $47.85/share (Volume Sentiment: Sellers, 2.2:1), with resistance at the $50.91 (Volume Sentiment: Buyers, 3:1), $51.05 (Volume Sentiment: Buyers, 1.75:1), $51.39 (Volume Sentiment: Buyers, 1.75:1) & $51.61/share (Volume Sentiment: Buyers, 1.75:1) price levels.

XPH, the SPDR S&P Pharmaceuticals ETF has lost -4.1% over the past year, losing -11.73% from their 52-week high in August of 2022, while recovering +3.67% from their 52-week low in June of 2022 (ex-distributions) to close at $40.44/share (Volume Sentiment: Buyers, 1.19:1).

Their RSI is returning to the neutral level as well (currently at 46.47), after crossing into oversold territory a handful of sessions prior.

Their MACD is sharply bullish, after 3 straight advancing days, including Friday’s +2.17% gap up, with recent trading volumes being slightly above average compared to the year prior.

Thursday’s spinning top candle before Friday’s gap up also adds another layer of uncertainty into how strong the last 3 sessions were vs. how much of it was just broader market influence on an ETF that had recently been oversold on their RSI.

With a 1.5% distribution yield there is a small amount of cushion against losses for long-term holders, making an insurance policy important for the near-term.

With limited support levels between Friday’s window, it would not be prudent to enter a new position now, but watching how they behave at support levels on their descent will help investors figure out where they might want to enter once an upward trend begins.

XPH has support at the $40.05 (Volume Sentiment: Buyers 1.19:1), $39.88 (Volume Sentiment: Sellers, 1.03:1), $39.43 (Volume Sentiment: Sellers, 1.03:1) & $39.07/share (Volume Sentiment: Sellers, 1.03:1), with resistance at the $40.69 (Volume Sentiment: Buyers, 1.19:1), $40.86 (Volume Sentiment: Buyers, 1.19:1), $40.98 (Volume Sentiment: Buyers, 1.19:1) & $41.25/share (Volume Sentiment: Buyers, 1.05:1) price levels.

XME, the SPDR S&P Metals & Mining ETF has shed -5.25% over the past year, declining -20.7% from their 52-week high of March 2023, while reclaiming +17.95% from their 52-week low of July of 2022 (ex-distributions) to close at $47.52/share (Volume Sentiment: Even, 1:1).

Their RSI is neutral at 50.28, but this past week’s volume was below average compared to the year prior, bringing questions about how sure investors were behind the +4.26% gap up during Friday’s session.

While their MACD has recently crossed bullish, there does not look to be enough enthusiasm among investors to take a position, until after seeing how they handle Friday’s gap & whether or not it begins to fill in the near-term.

While watching their support levels, there is a profit opportunity for traders looking to employ an options strategy to fundraise for buying more shares after the market begins an uptrend again.

XME has support at the $47.25 (Volume Sentiment: Even, 1:1), $47.12 (Volume Sentiment: Even, 1:1), $47.04 (Volume Sentiment: Even, 1:1) & $46.09/share (10 Day Moving Average; Volume Sentiment: Buyers, 1.23:1), with resistance at the $48.16 (Volume Sentiment: Sellers, 1.43:1), $48.31 (Volume Sentiment: Sellers, 1.43:1), $48.40 (Volume Sentiment: Sellers, 1.43:1) & $48.56/share (Volume Sentiment: Sellers, 1.43:1) price levels.

IXC, the iShares Global Energy ETF has lost -7.72% over the past year, losing -15.98% from their 52-week high in June of 2022, but notching +18.28% from their 52-week low in July of 2022 (ex-distributions) to close at $37.09/share (Volume Sentiment: Buyers, 1.11:1).

Their RSI is approaching the neutral 50 mark (currently at 49.51), with investors showing hesitance at these price levels, as volumes have been below average over the past week.

Their MACD looks set to crossover bullishly, but the 10 day moving average will be the main place to be watching, as that will act as the gatekeeper for the window created by Friday’s gap up.

Like the other names we’ve mentioned, this is another “wait & see” case for those who are not in positions actively & those that do not wish to sell their positions would be best suited with a protective options strategy in the meantime, while waiting for IXC to resume an uptrend.

IXC has support at the $37.06 (Volume Sentiment: Buyers, 1.11:1), $36.89 (Volume Sentiment: Buyers, 1.43:1), $36.88 (Volume Sentiment: 1.43:1) & $36.74/share (10 Day Moving Average; Volume Sentiment: 1.43:1), with resistance at the $37.18 (Volume Sentiment: Buyers, 1.11:1), $37.81 (200 Day Moving Average & Additional Support Touchpoint on Chart; Volume Sentiment: Buyers, 1.11:1), $37.85 (50 Day Moving Average; Volume Sentiment: Buyers, 1.11:1) & $37.95/share (Volume Sentiment: Buyers, 1.11:1) price levels.

Tying It All Together & The Week Ahead

Next week is relatively quiet on the data front.

Monday kicks off with S&P U.S. Services PMI data at 9:45 am, followed by Factory Orders & ISM Services reports at 10 am.

GitLab & Science Applications will report earnings on Monday.

Tuesday currently has no scheduled data announcements.

Cracker Barrel Old Country Store is set to report earnings on Tuesday, along with Casey’s General, Dave & Buster’s, J.M. Smucker, Stitch Fix, Thor Industries & others.

U.S. Trade Deficit data is reported on Wednesday at 8:30 am, with Consumer Credit at 3pm.

Campbell Soup, Lovesac, Ollie’s Bargain Outlet, United Natural Foods & Verint Systems are some of the more notable earnings reports due out on Wednesday.

Thursday morning we get Initial Jobless Claims data at 8:30 am, with Wholesale Inventories data reported at 10 am.

Thursday’s earnings reports include DocuSign, Signet Jewelers, Designer Brands, FuelCell Energy, Toro & Vail Resorts.

Friday currently has no data scheduled for reporting & the most anticipated earnings report for the day will be from Nio.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, KORU, GREK, IWB, PRN, NANR, XPH, XME, or IXC AT THE TIME OF PUBLISHING THIS ARTICLE ***