Author: OptimizedValue

Major indexes in the stock market are all quietly retreating from 52-week highs as investors take their profits, earnings reports continue to come in & people prepare for the month of September, which tends to be a bad month for stocks.

Given how stretched out support levels are for the S&P 500 (SPY) & NASDAQ (QQQ) & how consolidated the price levels of the Russell 2000 (IWM) & Dow Jones Industrial Average (DIA) are, it’s important to have an understanding of volume sentiment at the various price levels each index has been at in recent history.

This way, it is easier to understand how market participants will behave when each index approaches price levels that are support or resistance.

In the case of SPY & QQQ it is even more essential, as with so much space between support levels there is a lot of room for error.

The article below gives a brief technical analysis breakdown for SPY, QQQ, IWM & DIA, as well as lists out their volumes at each price level that they have traded at in recent history, noting the ratio of buyers:sellers (or sellers:buyers).

There is also a chart that displays the candlesticks & some technical indicators for the time period that each ETF’s prices:volumes cover.

On the images of the table, the current price level will be in BOLD & its cells will have bold edges.

In the list that accompanies them the current support & resistance levels will be in BOLD & the current price level, 10, 50 & 200 Day Moving Averages will also be denoted.

This is not trading advice, but is meant to serve as an additional tool that may help you navigate the future market environment.

Technical Analysis & Price:Volume Sentiment Analysis Of The S&P 500 (SPY)

The S&P 500 (SPY) is just -2.24% below its 52-week high it reached about one month ago & has been in a consolidation range since the end of July.

Their RSI is on the overbought end of the neutral range, sitting at 56.84, with their MACD trying to crossover bullishly in the coming days.

Trading volumes over the past month have fallen -9.85% compared to the average for the year prior (76,433,609.09 vs. 84,789,231.87) as market participants had been taking profits off of the table, but have increased to -4.74% below average over the past week (80,766,700 vs. 84,789,231.87).

The uptick in volume this week comes with a catch, as the second highest volume day was a bearish engulfing candle last Thursday, and the highest volume day resulted in a spinning top after it, indicating indecision among market participants last Friday (there was also a spinning top to kick off the week this Monday).

While yesterday’s session was able to break above their 50 day moving average, the market will need some catalyst to keep driving higher in the near-term.

It is also worth noting that a bearish head & shoulders pattern began to emerge from SPY’s chart last week, which will be something to keep an eye on in the coming weeks.

Given that the next level of support aside from the 10 & 50 day moving averages for SPY is -3.36% below their current price & the next level below that is -7.57% below the price, the table below will be helpful for gauging how market participants will behaved by volume at each price level that they have traded at over the past 1-2 years.

I have included a 2 year chart as well to help visualize how the volume looked in relation to the chart.

$472 – NULL – 0:0*; +5.09% From Current Price Level

$468 – NULL – 0:0*; +4.19% From Current Price Level

$464 – Buyers – 1.25:1; +3.3% From Current Price Level

$460 – Buyers – 0.3:0*; +2.41% From Current Price Level

$456 – Sellers – 1.07:1; +1.52% From Current Price Level

$452 – Buyers – 1.25:1; +0.63% From Current Price Level

$448 – Sellers – 1.91:1; -0.26% From Current Price Level – Current Price Level

$444 – Buyers – 1.45:1; -1.15% From Current Price Level – 50 Day Moving Average

$440 – Buyers – 2.43:1; -2.04% From Current Price Level – 10 Day Moving Average

$436 – Sellers – 1.17:1; -2.93% From Current Price Level

$432 – Buyers – 1.23:1; -3.82% From Current Price Level

$428 – Sellers – 1.10:1; -4.71% From Current Price Level

$424 – Sellers – 1.7:1; -5.6% From Current Price Level

$420 – Buyers – 1.04:1; -6.49% From Current Price Level

$416 – Buyers – 1.49:1; -7.38% From Current Price Level

$412 – Buyers – 1.6:1; -8.27% From Current Price Level – 200 Day Moving Average

$408 – Buyers 1.13:1; -9.16% From Current Price Level

$404 – Sellers – 1.82:1; -10.05% From Current Price Level

$400 – Sellers – 1.12:1; -10.94% From Current Price Level

$396 – Buyers – 2.04:1; -11.84% From Current Price Level

$392 – Buyer s- 2.04:1; -12.73% From Current Price Level

$388 – Sellers – 1.33:1; -13.62% From Current Price Level

$384 – Sellers – 3.23:1; -14.51% From Current Price Level

$380 – Sellers – 1.63:1; -15.4% From Current Price Level

$376 – Sellers – 2.4:1; -16.29% From Current Price Level

$372 – Sellers – 1.69:1; -17.18% From Current Price Level

$368 – Sellers – 1.28:1; -18.07% From Current Price Level

$364 – Sellers – 2.08:1; -18.96% From Current Price Level

$360 – Buyers – 1.67:1; -19.85% From Current Price Level

$356 – Sellers – 4:1; -20.74% From Current Price Level

$352 – Sellers – 3.2:0*; -21.63% From Current Price Level

$348 – NULL – 0:0*; -22.52% From Current Price Level

Technical Analysis & Price:Volume Sentiment Analysis Of The NASDAQ (QQQ)

The NASDAQ (QQQ) is currently -3.4% below its 52-week high which occurred in mid-July.

Much like SPY, they have been consolidating over the past month & a half & have been relatively range-bound.

Their RSI is also on the overbought end of the neutral range at 56.92, with their MACD slightly bullish.

QQQ’s volume story is interesting, with the past week’s volumes rising +2.58% higher than the average for the past year (57,473,620 vs. 56,025,471.31) after the past month’s average volume dipped -4.93% below average (53,264,047.83 vs. 56,025,471.31) as investors trimmed profits & took a wait & see approach into earnings season.

Their chart is very similar to SPY’s, with last Thursday’s bearish engulfing candlestick being the second highest volume day of the past week & Friday’s spinning top candlestick signaling “popular indecision” & having the week’s highest volume.

This week kicked off Monday with a dragonfly doji that was barely supported by the 10 day moving average on weak volume, signaling there is likely more near-term volatility on the horizon.

Also like SPY, QQQ began showing signs of a bearish head & shoulders pattern throughout their range-bound August decline, which will be something to keep an eye on in the coming weeks.

Aside from QQQ’s 10 & 50 day moving averages, their next level of support from the current price is -5.35% below their current price & the next highest level from there is -14.45% below the current price (200 day moving average).

The charts & price:volume list below shows how their trading volume has been at each price-range that they have traded at over the past 2-3 years & there is a 3 year candlestick chart for an additional visual below.

$404 – NULL – 0:0*; +10.98% From Current Price Level

$400 – NULL – 0:0*; +9.88% From Current Price Level

$396 – Buyers – 0.6:0*; +8.79% From Current Price Level

$392 – Sellers – 0.8:0*; +7.69% From Current Price Level

$388 – NULL – 0:0*; +6.59% From Current Price Level

$384 – Buyers – 1.4:1; +5.49% From Current Price Level

$380 – Buyers – 1.41:1; +4.39% From Current Price Level

$376 – Buyers – 1.21:1; +3.29% From Current Price Level

$372 – Sellers – 4.25:1; +2.19% From Current Price Level – Current Price Level

$368 – Buyers – 8.2:1; +1.09% From Current Price Level – 50 Day Moving Average

$364 – Buyers – 1.10:1; -0.01% From Current Price Level – 10 Day Moving Average

$360 – Sellers – 1.38:1; -1.1% From Current Price Level

$356 – Sellers – 2.57:1; -2.2% From Current Price Level

$352 – Buyers – 2.33:1; -3.3% From Current Price Level

$348 – Sellers – 1.03:1; -4.4% From Current Price Level

$344 – Sellers – 1.22:1; -5.5% From Current Price Level

$340 – Buyers – 1.16:1; -6.6% From Current Price Level

$336 – Sellers – 1.37:1; -7.7% From Current Price Level

$332 – Sellers – 4:1; -8.8% From Current Price Level

$328 – Buyers – 1.05:1; -9.9% From Current Price Level

$324 – Buyers – 2.48:1; -10.99% From Current Price Level

$320 – Sellers – 1.51:1; -12.09% From Current Price Level – 200 Day Moving Average

$316 – Sellers – 1.29:1; -13.19% From Current Price Level

$312 – Sellers – 2:1; -14.29% From Current Price Level

$308 – Buyers – 1.32:1; -15.39% From Current Price Level

$304 – Buyers – 1.04:1; -16.49% From Current Price Level

$300 – Sellers – 1.76:1; -17.59% From Current Price Level

$296 – Buyers – 2.77:1; -18.69% From Current Price Level

$292 – Buyers – 1.47:1; -19.78% From Current Price Level

$288 – Sellers – 1.875:1; -20.88% From Current Price Level

$284 – Sellers – 1.78:1; -21.98% From Current Price Level

$280 – Buyers – 1.21:1; -23.08% From Current Price Level

$276 – Sellers – 1.40:1; -24.18% From Current Price Level

$272 – Sellers – 1.03:1; -25.28% From Current Price Level

$268 – Sellers – 1.5:1; -26.38% From Current Price Level

$264 – Sellers – 1.26:1; -27.48% From Current Price Level

$260 – Sellers – 3.4:1; -28.58% From Current Price Level

$256 – Sellers – 2.2:0*; -29.67% From Current Price Level

Technical Analysis & Price:Volume Sentiment Analysis Of The Russell 2000 (IWM)

The Russell 2000 (IWM) is currently -5.29% below their 52-week high that occurred on July 31,2023.

Their RSI is neutral at 49.9, with a bearish MACD that is beginning to show signs of potentially completing a bullish crossover in the coming days.

Trading volumes for the past week have been -12.86% below average compared to the year prior (24,613,560 vs. 28,245,386.45) & the past month’s average volumes have been -12.29% below the year prior’s average (24,773,543.48 vs. 28,245,386.45).

This signal of waning enthusiasm also occurred during a steep decline for IWM from profit taking off of the 52-week high, however their support levels along the way did not show much signs of strength in the decline.

Friday’s long-legged doji signaled severe indecision to close out the week, on high volume compared to the other days & Monday’s session resulted in a shooting star candle, which signals bearish sentiment.

However, the shooting star was supported by the 10 day moving average, but that session & yesterday’s were both on mediocre volume, which does not confirm bullish sentiment behind either days’ advances.

IWM has traded at a much less accelerated pace compared to SPY & QQQ, so it has more support levels nearby than the previous two mentioned ETFs, but it too has begun to show signs of a bearish head & shoulders pattern since the middle of August.

Below are the lists of the volumes at each of the price levels IWM has traded at over the past 1-2 years, as well as a 2 year candlestick chart to help better visualize how their support levels may hold up in the coming weeks.

$204 – NULL – 0:0*; +8.38% From Current Price Level

$200 – NULL – 0:0*; +6.25% From Current Price Level

$198 – Buyers – 0.8:0*; +5.19% From Current Price Level

$196 – Buyers – 2.5:1; +4.13% From Current Price Level

$194 – Sellers – 1.94:1; +3.07% From Current Price Level

$192 – Buyers – 2.09:1; +2% From Current Price Level

$190 – Buyers – 1.47:1; +0.94% From Current Price Level

$188 – Buyers – 3.57:1; -0.12% From Current Price Level – Current Price Level & 50 Day Moving Average

$186 – Buyers – 3.15:1; -1.18% From Current Price Level

$184 – Sellers – 1.10:1; -2.25% From Current Price Level – 10 Day Moving Average

$182 – Buyers – 1.08:1; -3.31% From Current Price Level – 200 Day Moving Average

$180 – Sellers – 1.02:1; -4.37% From Current Price Level

$178 – Sellers – 1.19:1; -5.43% From Current Price Level

$176 – Buyers – 1.71:1; -6.5% From Current Price Level

$174 – Buyers – 1.3:1; -7.56% From Current Price Level

$172 – Sellers – 1.9:1; -8.62% From Current Price Level

$170 – Even – 1:1; -9.68% From Current Price Level

$168 – Sellers – 1.6:1; -10.75% From Current Price Level

$166 – Sellers – 4.1:1; -11.81% From Current Price Level

$164 – Sellers – 2.8:1; -12.87% From Current Price Level

$162 – Sellers – 1.31:1; -13.94% From Current Price Level

Technical Analysis & Price:Volume Sentiment Analysis Of The Dow Jones Industrial Average (DIA)

The Dow Jones Industrial Average (DIA) is currently trading -2.12% below its 52-week high from the end of July 2023.

Their RSI is neutral at 53.1, with a bearish MACD that looks to be trying to turn bullish in the coming days if they can keep up the gains of the past few sessions.

Their trading volume over the past month has declined -10.55% compared to the average volume of the past year (3,275,478.26 vs. 3,661,896.81), with this past week’s volume falling even further to -13.69% below the year prior’s average (3,160,440 vs. 3,661,896.81).

Much like SPY & QQQ, DIA’s strongest volume days of the week were Friday & Monday.

Thursday they were unable to stay above their 10 & 50 day moving averages & ultimately closed below their open, and Friday resulted in a spinning top candlestick that tested lower lows than Thursday’s session.

Monday’s gap up with on very limited volume, which is also a sign of potential weakness on the horizon.

DIA’s 10 & 50 day moving averages are two of their next three levels of support, but do not look particularly strong.

The tables below outline their volume at each price level that they’ve traded at over the past 3-4 years & I have included a 4 year chart below as well.

$356 – Buyers – 0.2:0*; +2.12% From Current Price Level

$352 – Buyers – 1.73:1; +0.97% From Current Price Level

$348 – Sellers – 1.03:1; -0.18% From Current Price Level – Current Share Price Level

$344 – Buyers – 1.54:1; -1.33% From Current Price Level – 10 & 50 Day Moving Average

$340 – Buyers – 1.46:1; -2.47% From Current Price Level

$336 – Buyers – 1.32:1; -3.62% From Current Price Level

$332 – Sellers – 1.18:1; -4.77% From Current Price Level – 200 Day Moving Average

$328 – Buyers – 1.02:1; -5.91% From Current Price Level

$324 – Sellers – 1.34:1; -7.06% From Current Price Level

$320 – Sellers – 1.24:1; -8.21% From Current Price Level

$316 – Sellers – 1.46:1; -9.36% From Current Price Level

$312 – Buyers – 1.16:1; -10.5% From Current Price Level

$308 – Buyers – 1.63:1; -11.65% From Current Price Level

$304 – Sellers – 1.2:1; -12.8% From Current Price Level

$300 – Buyers – 1.53:1; -13.95% From Current Price Level

$296 – Sellers – 1.13:1; -15.09% From Current Price Level

$292 – Sellers – 1.86:1; -16.24% From Current Price Level

$288 – Buyers – 1.56:1; -17.39% From Current Price Level

$284 – Sellers – 1.32:1; -18.54% From Current Price Level

$280 – Buyers – 1.43:1; -19.68% From Current Price Level

$276 – Buyers – 2:1; -20.83% From Current Price Level

$272 – Even – 1:1; -21.98% From Current Price Level

$268 – Buyers – 1.5:1; -23.13% From Current Price Level

$264 – Buyers – 2.83:1; -24.27% From Current Price Level

$260 – Sellers – 1.75:1; -25.42% From Current Price Level

$256 – Buyers – 2:1; -26.57% From Current Price Level

$252 – Buyers – 2.08:1; -27.71% From Current Price Level

$248 – Buyers – 4:1; -28.86% From Current Price Level

$244 – Buyers 1.38:1; -30.01% From Current Price Level

$240 – Buyers – 2.86:1; -31.16% From Current Price Level

$236 – Sellers – 1.6:0*; -32.3% From Current Price Level

$232 – Buyers – 0.2:0*; -33.45% From Current Price Level

$228 – Buyers – 1.22:1; -34.6% From Current Price Level

$224 – Buyers – 9:1; -35.75% From Current Price Level

$220 – Buyers – 2.15:1; -36.89% From Current Price Level

$216 – Sellers – 1.1:0*; -38.04% From Current Price Level

$212 – Buyers – 1.1:0*; -39.19% From Current Price Level

$208 – NULL – 0:0*; -40.34% From Current Price Level

Tying It All Together

The lists & images above paint the picture as to how investors & traders have behaved at various price levels that SPY, QQQ, IWM & DIA have been at in recent history.

It is not meant to serve as investment/trading advice, and is simply a way to visualize what investor/trader sentiment has been like at each of the price levels mentioned, as well as what it was at levels of support & resistance that are denoted in the images & lists.

As always, do your own due diligence before making investing/trading decisions.

For more on the methodology on how the data was collected & put together, please refer to our original Price:Volume analysis.

*** I DO NOT OWN SHARES OF NOR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, or DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF advanced +0.14% this past week, faring the best of the major indexes.

Their RSI is trying to trend back to neutral & sits on the oversold end of neutral at 45.08, with a bearish MACD that is trying to curl up bullishly.

Volumes were -7.6% below the average for the year prior (78,304,857 vs. 84,743,675) signaling indecision among market participants, but the candlesticks tell a different story.

The week began & ended on spinning top candles, but Thursday’s bearish engulfing candlestick painted the picture that this week & next will likely see some cooling off in SPY’s share price.

The appearance of a bearish head & shoulders pattern is something to be watching out for from a technical perspective.

SPY has support at the $433.01 (Volume Sentiment: Buyers, 1.23:1), $415.18 (Volume Sentiment: Buyers, 1.57:1), $411.52 (200 Day Moving Average; Volume Sentiment: Buyers, 1.10:1) & $405.55/share (Volume Sentiment: Sellers, 1.78:1) price levels, with resistance at the $440.08 (Volume Sentiment: Buyers, 2.47:1), $444.73 (Volume Sentiment: Buyers, 1.43:1) & $459.44/share (Volume Sentiment: Buyers, 1.09:1) price levels.

QQQ, the Invesco QQQ Trust ETF nudged forward +0.03% this past week, faring second best out of the major indexes.

Their RSI is trending back towards neutral, but sits on the oversold end at 45.72, with a MACD that is trying to cross over bullishly in the coming days.

Volumes were +1.22% above average compared to the year prior (56,710,367 vs. 56,026,726), which is not particularly noteworthy.

However, Thursday’s bearish engulfing candle & Friday’s spinning top signal that there is hesitancy on the part of market participants & is signaling more near-term declines on the horizon.

QQQ is also beginning to show signs of developing a bearish head & shoulders pattern in the coming week or two, which is something to keep an eye on.

QQQ has support at the $363.76 (10 Day Moving Average; Volume Sentiment: Sellers, 1.06:1), $354.71 (Volume Sentiment: Buyers, 2.33:1), $319.54 (200 Day Moving Average; Volume Sentiment: Sellers, 1.29:1) & $312.77/share (Volume Sentiment: Sellers, 1.94:1) price levels, with resistance overhead at the $370.54 (50 Day Moving Average; Volume Sentiment: Buyers, 9.33:1), $372.74 (Volume Sentiment: Sellers, 2.9:0*) & $387.98/share (Volume Sentiment: Buyers, 0.7:0*) price levels.

IWM, the iShares Russell 2000 ETF declined -0.21% this past week, faring worse than the S&P 500 & NASDAQ, but outperforming their larger cap peers of the DJIA.

Their RSI is trying to trend back towards neutral, but sits currently at 37.5 with a bearish MACD that is attempting to smoothen out & cross over bullishly.

Volumes were -14.04% below average compared to the year prior (24,227,429 vs. 28,184,020) as investors were not feeling particularly up for taking risks in the week’s trading range.

Monday’s spinning top set the stage for uncertainty, while the week closed Friday with a dragonfly doji that temporarily broke below their 200 day moving average during the day’s session, indicating another leg lower may be on the horizon.

The downwards pressure of the 10 day moving average looks primed to force a harder test of the 200 DMA as support in the near-term, which may see us finding a third index with a bearish head & shoulders pattern in the coming weeks.

IWM has support at the $183.56 (Volume Sentiment: Buyers, 1.05:1), $182.14 (200 Day Moving Average; Volume Sentiment: Buyers, 1.05:1), $179.28 (Volume Sentiment: Sellers, 1.13:1) & $175.34/share (Volume Sentiment: Buyers, 1.30:1) price levels, with resistance at the $185.42 (10 Day Moving Average; Volume Sentiment: Sellers, 1.14:1) $185.44 (Volume Sentiment: Sellers, 1.14:1), $186.81 (Volume Sentiment: Buyers, 3.17:1) & $187.48/share (Volume Sentiment: Buyers, 3.17:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF fell -0.34% this past week, as the larger cap stocks in this index fell the most out of favor in the market & many investors were eager to take profits & risk off of the table.

Their RSI is trending back towards neutral & sits at 42.38 currently, but their MACD is still bearish.

Volumes were -10.98% below average compared to the year prior (3,261,314 vs. 3,663,626) as there had already been signs of profit taking in the weeks leading up to last week.

Monday kicked the week off with a hanging man candlestick, which is not a good sign & the index continued lower into the rest of the week, closing out on Friday with an indecisive spinning top candle following Thursday’s thwarted attempt to break out beyond the 10 & 50 day moving averages serving currently as resistance.

DIA has support at the $343.17 (Volume Sentiment: Buyers, 1.32:1), $340.32 (Volume Sentiment: Buyers, 1.32:1), $339.60 (Volume Sentiment: Buyers, 1.33:1) & $339.28/share (Volume Sentiment: Buyers, 1.33:1) price levels, with resistance at the $344.96 (Volume Sentiment: Buyers, 3.17:1), $345.57 (Volume Sentiment: Buyers, 3.17:1), $346.07 (Volume Sentiment: Buyers, 3.17:1) & $356.17/share (Volume Sentiment: NULL, 0:0*) price levels.

Dynamic Oil & Gas Services (PXJ), Homebuilders (XHB), Natural Gas (FCG) & Japan Hedged Equity (DBJP) Are All Bullishly Leading The Market

PXJ, the Invesco Dynamic Oil & Gas Services ETF has climbed +35.99% over the past year, including a +65.04% improvement from their 52-week low in September of 2022 (ex-distributions).

Their MACD is bearish, with a neutral reading on their RSI at 52.1.

Last week’s volume was extremely light, -80.25% compared to the year prior’s average (13,511.6 vs. 68,428.64), as investors took a wait & see approach after the week prior’s profit taking from their recent 52-week high.

Their moving averages are going to be a key area to watch in the coming weeks, as their 10 DMA is adding downward pressure against their price & the 50 DMA will need to serve as a support level soon.

While they offer a 1.17% distribution yield, that is not much downside protection & investors should begin to think of hedging options in the event that the move to the downside continues, such as selling calls or buying puts.

PXJ has support at the $28.43 (Volume Sentiment: Buyers, 1.55:1), $27.80 (Volume Sentiment: Buyers, 2.63:1), $27.57 (Volume Sentiment: Buyers, 2.63:1) & $27.37/share (50 Day Moving Average; Volume Sentiment: Buyers, 2.63:1), with resistance at the $28.88 (Volume Sentiment: Buyers, 1.55:1), $29.10 (10 Day Moving Average; Volume Sentiment: Buyers, 4.5:1), $29.63 (Volume Sentiment: Buyers, 4.5:1) & $30.40/share (52-Week High; Volume Sentiment: NULL, 0:0*) price levels.

XHB, the SPDR S&P Homebuilders ETF has advanced +24.59% over the past year, climbing +49.71% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending towards oversold & currently sits at 39.2, with a bearish MACD.

Volumes jumped +16.78% this past week compared to the year prior’s average volume (3,666,170.4 vs. 3,139,319.25), but were not as severe as the prior week’s volumes when investors were taking profits from their recent 52-week high’s consolidation range.

Tuesday’s candlestick was a spinning top which signals indecision by investors & the week ended on an interesting note, as prices opened & closed near the highs of the day’s session, but did retreat below the $78 level for part of the day, which indicates that they may test that level again in the near-term.

It would be wise to look into a hedging strategy, such as selling calls or buying puts in the near-term, as their 0.89% distribution yield does not provide much protection against losses.

XHB has support at the $72.91 (Volume Sentiment: Buyers, 0.8:0*), $72.61 (Volume Sentiment: Buyers, 0.8:0*), $70.05 (200 Day Moving Average; Volume Sentiment: Buyers, 1.23:1) & $68.97/share (Volume Sentiment: Sellers, 2.05:1) price levels, with resistance at the $80.65 (10 Day Moving Average; Volume Sentiment: Buyers, 5:1), $81.31 (50 Day Moving Average; Volume Sentiment: Buyers, 0.3:0*) & $85.13/share (52-Week High; Volume Sentiment: Buyers, 0.2:0*) price levels.

FCG, the First Trust Natural Gas ETF has dipped -2.05% over the past year, rising +26.97% from their 52-week low in March of 2023 (ex-distributions).

Their RSI is neutral at 54.59, but their MACD is bearish.

This past week’s volumes were -75.81% below average compared to the year prior (166,388.6 vs. 687,916.44) as investors took a breather to let the market sort out where FCG is currently valued.

Last week began on a spinning top, before a gap down on Wednesday that closed in a spinning top as there is still much uncertainty about their current value.

Thursday’s session closed in a gravestone doji which signals further declines are on the horizon & Friday’s spinning top’s high price was unable to penetrate the resistance of their 10-day moving average.

This makes it important to be looking for a near-term hedging strategy for any existing positions, as there are other signals of an impending decline on their chart.

FCG has support at the $25.61 (Volume Sentiment: Buyers, 1.78:1), $25.58 (Volume Sentiment: Buyers, 1.78:1), $25.41 (Volume Sentiment: Buyers, 1.78:1) & $25.39/share (Volume Sentiment Buyers, 1.78:1) price levels, with resistance at the $25.83 (Volume Sentiment: Buyers, 1.78:1), $25.94 (10 Day Moving Average; Volume Sentiment: Buyers, 1.78:1), $26.42 (Volume Sentiment: Buyers, 2.31:1) & $26.84/share (Volume Sentiment: Buyers, 2.31:1) price levels.

DBJP, the Deutsche X-trackers MSCI Japan Hedged Equity ETF has gained +21.83% over the past year, climbing +24.7% from their 52-week low in October of 2023 (ex-distributions).

Their RSI is currently neutral at 52.72 & their MACD is set to cross over bullishly in the coming days after they posted a positive week last week.

Volumes were down -48.76% this past week compared to the year prior (15,220.2 vs. 29,703.97) which casts a shadow of doubt on their performance last week, particular as Monday’s session kicked off with a gap up hanging man & Friday’s session ended in a spinning top.

Wednesday’s doji confirms additionally that there is still a lot to be uncertain about on the part of investors for DBJP.

Their 5.31% distribution yield for long-term holders is a decent amount of cushion against losses, but it would be wise to be vigilant & think about hedging options while waiting to see how they behave at their 10 & 50 day moving averages.

Their 10 DMA is currently below the price, but its angle does not look primed to provide much in the way of support, and the 50 DMA is acting as resistance.

DBJP has support at the $58.23 (50 Day Moving Average; Volume Sentiment: NULL, 0:0*), $57.89 (10 Day Moving Average; Volume Sentiment: NULL, 0:0*), $57.62 (Volume Sentiment: NULL, 0:0*) & $57.45/share (Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $59.31 (Volume Sentiment: NULL, 0:0*), $59.33 (Volume Sentiment: NULL, 0:0*), $59.41 (Volume Sentiment: NULL, 0:0*) & $59.82/share (Volume Sentiment: NULL, 0:0*) price levels.

Real Estate (DRN), Hong Kong (EWH), Space (UFO) & Community Banks (QABA) Are All Bearishly Lagging The Market

DRN, the Direxion Daily Real Estate Bull 3x ETF has fallen -51.12% over the past year, losing -52.51% since their 52-week high in August of 2022, but regaining +14.85% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is currently trending back towards neutral after being oversold & sits at 39.76 & their MACD is primed to cross over bullishly in the coming days.

Last weeks trading volume was -13.58% below the past year’s average volume (500,369.2 vs. 578,975.18) which does little along the lines of confirming their rise in price.

Monday’s hammer candlestick paved the way for their short advance during the week, however Friday’s doji is not a sign of confidence among market participants for the near-term.

While they offer a 3.19% distribution yield, it would be smart to begin exploring what hedging options are available for the coming weeks.

DRN has support at the $8.40 (10 Day Moving Average; Volume Sentiment: Buyers, 1.27:1), $8.34 (Volume Sentiment: Buyers, 1.27:1), $8.33 (Volume Sentiment: Buyers, 1.27:1) & $8.22/share (Volume Sentiment: Buyers, 1.27:1) price levels, with resistance at the $8.62 (Volume Sentiment: Buyers, 1.03:1), $8.67 (Volume Sentiment: Buyers, 1.03:1), $8.82 (Volume Sentiment: Buyers, 1.03:1) & $8.93/share (Volume Sentiment: Buyers, 1.03:1) price levels.

EWH, the iShares MSCI Hong Kong ETF has lost -13.29% over the past year, dropping -22.25% since their 52-week high in August of 2022, but reclaiming 9.79% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is in oversold territory at 29.36 with a bearish MACD after spending the month of August in decline.

Last week’s volume were -23.41% below par, compared to the past year’s average volume (2,385,526.6 vs. 3,114,788.62), as their share price was able to consolidate a bit & begin to establish a range to halt the decline.

Their 3.37% distribution yield provides some protection against further decline, but this is another instance of needing to tread lightly & wait & see where the market goes next while exploring hedging options.

EWH has support at the $17.60 (Volume Sentiment: Buyers, 1.31:1), $17.31 (Volume Sentiment: Buyers, 1.74:1) & $15.58/share (Volume Sentiment: Buyers, 1.03:1) price levels, with resistance at the $17.80 (10 Day Moving Average; Volume Sentiment: Buyers, 1.31:1), $18.27 (Volume Sentiment: Buyers, 1.31:1), $18.51 (Volume Sentiment: Sellers, 1.05:1) & $18.60/share (Volume Sentiment: Sellers, 1.05:1) price levels.

UFO, the Procure Space ETF has declined -16.98% over the past year, losing -18.92% since their 52-week high in August of 2022 & inching +0.74% from their recent 52-week low (ex-distributions).

Their RSI is oversold at 26.61, with their MACD still in bearish freefall following a rough August.

Last week’s volume was -27.51% below the average volume for the past year (6,773 vs. 9,343.51), as investors became more cautious once their price got within 3% of their 52-week low.

Wednesday’s candle did flash a warning sign of additional declines as it was a gravestone doji, while we wait to see how Friday’s hammer candle sets the tone for this week.

They offer a 2.44% distribution yield, which will not provide much downside protection in the event that they do test their 52-week low in the near-term.

UFO has support at the $17.55 (Volume Sentiment: Sellers, 0.2:0*), $17.42 (Volume Sentiment: Buyers, 0.1:0*) & $17.35/share (Volume Sentiment: Buyers, 0.1:0*) price levels, with resistance at the $17.88 (Volume Sentiment: Sellers, 0.2:0*), $18.34 (Volume Sentiment: Sellers, 2.67:1), $18.36 (10 Day Moving Average; Volume Sentiment: Sellers, 2.67:1) & $18.45/share (Volume Sentiment: Sellers, 2.67:1) price levels.

QABA, the First Trust NASDAQ ABA Community Bank Index Fund ETF has shed -22.28% over the past year, declining -28.07% from their 52-week high in November of 2022 & has rebounded +20.44% from their 52-week low in May of 2023 (ex-distributions).

Their RSI is trending towards oversold territory & currently sits at 37.36 & their MACD is bearish.

Last week’s volume was -76.95% below the past year’s average (8,712.6 vs. 37,796.28), as investors mostly stood on the sidelines & watched their price dip under their 50 DMA & consolidate into a range just beneath it.

The 10 DMA is applying pressure from above which will be something to keep an eye on in the coming week.

Their 3.01% distribution yield offers some relief from further losses, but with their current chart layout this seems better suited to be watched for a while or to pursue hedging options to protect existing positions.

QABA has support at the $41.05 (Volume Sentiment: Sellers, 1.08:1), $39.66 (Volume Sentiment: Buyers, 1.05:1), $38.45 (Volume Sentiment: Sellers, 2:1) & $36.83/share (Volume Sentiment: Sellers, 10:1) price levels, with resistance at the $41.85 (Volume Sentiment: Sellers, 1.08:1), $42.59 (10 Day Moving Average; Volume Sentiment: Buyers, 1.11:1), $42.61 (50 Day Moving Average; Volume Sentiment: Buyers, 1.11:1) & $43.14/share (Volume Sentiment: Sellers, 1.21:1) price levels.

Tying It All Together

Monday has no economic data set to be reported, but HEICO will be reporting earnings.

Tuesday kicks the week off on the economic data front with S&P Case Shiller Home Price Index (20 Cities) at 9 am, followed by Job Openings & Consumer Confidence at 10 am.

Ambarella, American Woodmark, Best Buy, Big Lots, Box, Catalent, Donaldson, Hewlett Packard Enterprise, HP, J.M. Smucker, Malibu Boats, NIO, Pinduoduo, PVH & ZTO Express are all reporting earnings on Tuesday.

Wednesday starts with ADP Employment data at 8:15 am, followed by GDP (revision), Advanced U.S. Trade Balance In Goods, Advanced Retail Inventories & Advanced Wholesale Inventories data at 8:30 am & closes out with Pending Home Sales data at 10 am.

Salesforce, Brown-Forman, Chewy, Conn’s, Cooper, CrowdStrike, Five Below, MasterCraft, Okta, Patterson Companies, Veeva Systems & Victoria’s Secret all report earnings on Wednesday.

Thursday morning is a busy one, with Initial Jobless Claims, Personal Income (nominal), Personal Spending (nominal), PCE Index, Core PCE Index, PCE (year-over-year) & Core PCE (year-over-year) at 8:30 am & Chicago Business Barometer data at 9:45 am.

Thursday’s earnings calls include Dell Technologies, Lululemon Athletica, Academy Sports + Outdoors, Broadcom, BRP, Caleres, Campbell Soup, Dollar General, Genesco, Hello Group, Hormel Foods, MongoDB, Nutanix, Ollie’s Bargain Outlet, Signet Jewelers, Titan Machinery, VMWare & UBS.

Friday delivers the U.S. Nonfarm Payroll, U.S. Unemployment Rate, U.S. Hourly Wages, & Hourly Wages Year-over-Year data at 8:30 am, followed by ISM Manufacturing & Construction Spending data at 10 am & no scheduled major earnings reports.

See you back here next week!

**** I DO NOT OWN SHARES OR HAVE OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, PXJ, XHB, FCG, DBJP, DRN, EWH, UFO, or QABA AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF declined -0.26% last week in a week of steady decline for the S&P 500.

Their RSI is just below neutral at 46.57, but their MACD is in bearish decline.

Volumes were -6.86% below average last week compared to the average for the year prior (78,371,800 vs. 84,142,598) as investors waited to learn more from companies’ earnings reports while taking a breather after hitting a 52-week high a couple of weeks ago.

There were 3 spinning top candlesticks last week, signaling indecision by market participants & this week will be interesting to watch how the 10 & 50 day moving average create pressure on prices, with the 10 DMA applying downward pressure, while the 50 DMA continues to apply upward pressure on SPY’s price.

Another key area to watch in the coming weeks is SPY’s support levels, as aside from their 50 day moving average, the closest support level is a -4.68% decline away, making it important to have an idea as to how their price has behaved at various levels in recent history.

SPY has support at the $442.36 (50 Day Moving Average; Volume Sentiment: Buyers, 2.47:1), $424.79 (Volume Sentiment: Sellers, 1.70:1), $415.18 (Volume Sentiment: Buyers, 1.57:1) & $408.33/share (200 Day Moving Average; Volume Sentiment: Buyers, 1.10:1) price levels, with resistance at the $449.68 (10 Day Moving Average; Volume Sentiment: Sellers, 1.3:0*) & $459.44/share (52-Week High; Volume Sentiment: Buyers, 1.09:1) price levels.

QQQ, the Invesco QQQ Trust ETF lost -1.56% last week, settling below their 50 day moving average by Friday’s close.

Their RSI is trending towards oversold & is currently at 41.33, with their MACD is bearish freefall.

Volumes were -5.57% below average last week compared to the year prior’s average (52,578,850 vs. 55,681,019), as market participants sought to take profits after the ascent of spring & early summer.

Monday’s hanging man candlestick set the tone for the rest of the week’s price range for QQQ, which preceded Tuesday’s hanging man candle.

The week ended on a spinning top candle that closed beneath the 10 & 50 day moving averages, meaning that investors are still not convinced that they need to be buying QQQ & that there is going to be further downside pressure being applied by the moving averages in the near-term.

Much like SPY, QQQ also has a bit of space between its current price & its next support level, with currently a -9.34% space with no support from their current price to the next level beneath it, which investors should be conscientious of.

QQQ has support at the $332.05 (Volume Sentiment: Sellers, 4:1), $314.92 (200 Day Moving Average; Volume Sentiment: Sellers, 1.94:1), $312.77 (Volume Sentiment: Sellers, 1.94:1) & $308.88/share (Volume Sentiment: Buyers, 1.32:1) price levels, with resistance at the $368.94 (50 Day Moving Average; Volume Sentiment: Buyers, 9.33:1), $373.66 (10 Day Moving Average; Volume Sentiment: Sellers, 2.9:0*) & $387.98/share (52-Week High; Volume Sentiment: Buyers, 0.7:0*) price levels.

IWM, the iShares Russell 2000 ETF declined -1.64% last week, as small cap stocks fared the worst out of the major indexes.

Their RSI is trending downward & recently crossed below neutral to 46.48, with their MACD in bearish decline.

Last week’s volume was -14.33% lower than the average volume for the year prior (24,026,883 vs. 28,047,249), which shows hesitancy on the part of market participants & a lack of confidence in IWM.

Monday’s hanging man candlestick began the week’s decline, closing lower than it opened, but opening above Friday’s close.

IWM is going to have support coming from their 50 day moving average while the 10 day moving average is applying downwards pressure against their price in the coming week.

Their chart has less risk of price:support level distance than the other indexes as they have traded much more rangebound over the past year than SPY or QQQ.

IWM has support at the $189.12 (50 Day Moving Average; Volume Sentiment: Buyers, 2.5:1), $187.48 (Volume Sentiment: Buyers, 3.17:1), $186.81 (Volume Sentiment: Buyers, 3.17:1) & $185.44/share (Volume Sentiment: Sellers, 1.14:1) price levels, with resistance at the $194.10 (10 Day Moving Average; Volume Sentiment: Sellers, 2.75:1), $197.98 (Volume Sentiment: Buyers, 2.57:1), $198.74 (Volume Sentiment: Sellers, 1.5:1) & $198.75/share (52-Week High; Volume Sentiment: Sellers, 1.5:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF was the sole index to advance last week, adding +0.67% for the week.

Their RSI is trending up towards overbought levels, as investors sought the safety of larger cap stocks & is currently at 57.71, but their MACD is bearish after the consolidation of the past 3-4 weeks.

Last week’s volume was -11.61% lower than the average volume for the year prior (3,216,900 vs. 3,639,508), signaling that investors are beginning to show signs of fatigue & are not as enthusiastic about adding risk to their portfolios at this time vs. in the past.

Last week’s candlesticks all traded in a relatively tight range, and the 10 day moving average is going to begin applying downward pressure to prices this week.

Like IWM, DIA has traded much more in ranges this past year compared to SPY & QQQ, so there will be support levels closer to the price level than for the first two ETFs in this article.

DIA has support at the $345.47 (Volume Sentiment: Buyers, 3.17:1), $344.77 (50 Day Moving Average; Volume Sentiment: Buyers, 3.17:1), $343.68 (Volume Sentiment: Buyers, 1.32:1) & $340.82/share (Volume Sentiment: Buyers, 1.32:1) price levels, with resistance at the $353.10 (10 Day Moving Average; Volume Sentiment: Buyers, 0.2:0*) & $356.70/share (52-Week High; Volume Sentiment: NULL, 0:0*) price levels.

Energy (ERX), Japan (DXJ), Emerging Market Dividend Stocks (EDIV) & U.S. Cash Cows (COWZ) Are All Bullishly Leading The Market

ERX, the Direxion Daily Energy Bull 2x Shares ETF has gained +29.08% over the past year, adding 58.01% since their 52-week low in September of 2022 (ex-distributions).

Their RSI is overbought currently at 73.5, with their MACD still advancing bullishly following the gap up during Wednesday’s session.

Last week’s trading volume was unusually light, coming in at -53.86% below average compared to the year prior (603,380 vs. 1,307,763), which shows reluctance on the part of investors & a more cautious attitude at this price level.

Last week’s chart kicked off with a spinning top, before Tuesday’s session tested the 200 day moving average to the downside & closed higher, before Wednesday’s gap up on a spinning top, followed Thursday by a doji, signaling that there is indeed caution on the part of investors currently.

With a 2.58% distribution yield, there is some cushion for long-term shareholders, however it would be wise to have a hedging strategy in place in the coming weeks for when ERX declines from profit taking after their recent growth.

ERX has support at the $66.45 (Volume Sentiment: Sellers, 1.05:1), $65.40 (Volume Sentiment: Sellers, 1.05:1), $64.53 (Volume Sentiment: Sellers, 1.04:1) & $64.47/share (Volume Sentiment: Sellers, 1.04:1) price levels, with resistance at the $66.74 (Volume Sentiment: Sellers, 1.05:1), $69.03 (Volume Sentiment: Sellers, 1.2:1), $71.16 (Volume Sentiment: Sellers, 1:0*) & $73.40/share (Volume Sentiment: Buyers, 1.8:0*) price levels.

DXJ, the WisdomTree Japan Hedged Equity Fund ETF has advanced +34.21% over the past year, climbing +37.78% since their 52-week low in September of 2022 (ex-distributions).

Their RSI is trending towards overbought conditions currently at 61.45 (70 = overbought), with their MACD looking relatively flat & like it may bearishly crossover in the coming days.

Last week’s volume was -5.87% below average compared to the year prior (420,240 vs. 446,451), following the days of heavier than average volume of the past two weeks as the price sits near its 52-week high.

Tuesday & Wednesday featured some profit taking by investors, with Thursday’s session resulting in a gap up off of their 10 day moving average.

It is worth noting that Wednesday’s session resulted in a doji, Thursday’s session resulted in a spinning top & Friday’s session also closed as a doji, signaling a high degree of uncertainty & caution among market participants.

DXJ’s 10 day moving average will be a key area to keep an eye on in the coming week to see how it supports the current price levels, as you can begin to see it is rolling over bearishly.

DXJ offers a 3.06% distribution yield for long-term holders which provides some cushion against losses, however a hedging strategy in the near-term would be a wise idea as they sit near their 52-week highs while waiting to see how their support levels hold up.

They have support at the $84.23 (10 Day Moving Average; Volume Sentiment: Buyers, 0.2:0*), $84.09 (Volume Sentiment: Buyers, 0.2:0*), $82.20 (Volume Sentiment: Buyers, 2:1) & $82.12/share (50 Day Moving Average; Volume Sentiment: Buyers, 2:1) price levels, with resistance at the $85.56 (Volume Sentiment: NULL, 0:0*) & $85.60/share (Volume Sentiment: NULL, 0:0*) price levels.

EDIV, the SPDR S&P Emerging Market Dividend ETF has notched +19.82% gains over the past year, adding +38.43% from their 52-week low in November of 2022 (ex-distributions).

Their RSI is trending lower & recently just passed through the neutral level after the declines of the past two weeks (currently 46.83), with their MACD in bearish decline.

Volume was +52.39% above average this past week compared to the year prior (50,500 vs. 33,138) as investors were eager to enter back in after some profit taking activity took place near their 52-week high.

Their outlook also looks uncertain in the near-term however, with Monday & Wednesday of last week resulting in hanging man candlesticks, Tuesday being a doji & Thursday & Friday being declining days.

They pay a 3.98% distribution yield for long-term holders, which will provide some cushion against losses, but investors should remain vigilant in the coming week, especially as the 10 & 50 day moving averages move in on either side of the current share price.

EDIV has support at the $29.39 (50 Day Moving Average; Volume Sentiment: Buyers, 1.04:1), $29.28 (Volume Sentiment: Buyers, 1.04:1), $29.07 (Volume Sentiment: Buyers, 1.04:1) & $28.19/share (Volume Sentiment: Sellers, 1.18:1) price levels, with resistance overhead at the $30.26 (10 Day Moving Average; Volume Sentiment: Buyers, 1.47:1) & $32.08/share (52 Week High; Volume Sentiment: Buyers, 1.13:1) price levels.

COWZ, the Pacer U.S. Cash Cows 100 ETF has risen +9.71% over the past year, advancing 29.29% from their 52-week low in September of 2022 (ex-distributions).

Their RSI is currently overbought at 72.56 after a strong July, with their MACD bearish but relatively flat.

Last week’s volume was -8.76% below average compared to the year prior (1,595,160 vs. 1,748,296), as investors have become nervous now that the price level is near their 52-week high.

Wednesday’s session resulted in a gravestone doji, which sends a foreboding message into the coming weeks when combined with Thursday’s candle to create a bearish engulfing pattern, which tends to signal further declines are on the horizon.

COWZ pays a 1.83% distribution yield to long-term holders, which does not provide much protection against a downside movement, making it important to have a hedging strategy or to take some profits now while they are at these high levels.

They have support at the $51.08 (10 Day Moving Average; Volume Sentiment: NULL, 0:0*), $50.26 (Volume Sentiment: Buyers, 2.67:1), $49.09 (Volume Sentiment: Buyers, 3.21:1) & $48.86/share (Volume Sentiment: Buyers, 1.12:1) price levels, with resistance at the $52.09/share (52-Week High; Volume Sentiment: NULL, 0;0*) price level.

20+ Year Treasuries (UBT), Clean Energy (ACES), China (CNYA) & Gold Miners (GDX) Are All Bearishly Lagging The Market

UBT, the ProShares Ultra 20+ Year Treasury ETF has fallen -33.65% over the past year, losing -36.16% from their 52-week high in August of 2022, but has inched forward +3.77% from their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending towards oversold, with their MACD in bearish decline following the losses they began incurring in mid-July.

Last week’s volumes were -69.35% below average compared to the year prior (33,100 vs. 108,005), as there was limited enthusiasm amongst investors as their share price began to approach their 52-week low.

While Friday’s session ended in an inverted hammer candlestick which is often a signal of an impending bullish reversal, when paired with the low volume it would be best to wait & see how their current support levels & resistance levels hold up before entering into a position.

Pair that with the 2.07% distribution yield that they offer to long-term holders & there is limited upside to entering into a new position here at these levels until they establish a more steady footing.

UBT has support at the $21.15 (Volume Sentiment: Even, 1:1), $21.00 (Volume Sentiment: Even, 1:1) & $20.36/share (52-Week Low; Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $22.13 (10 Day Moving Average; Volume Sentiment: Sellers, 1.18:1), $22.42 (Volume Sentiment: Sellers, 1.18:1), $23.03 (Volume Sentiment: Sellers, 2.25:1) & $23.14/share (Volume Sentiment: Sellers, 2.25:1) price levels.

ACES, the ALPS Clean Energy ETF has declined -35.99% over the past year, shedding -37.21% since their 52-week high in August of 2022, but has rebounded +6.25% from their 52-week low in May of 2023 (ex-distributions).

Their RSI is trending toward oversold, with their MACD currently in a bearish decline.

Last week’s volumes were -9.08% below the year prior’s average trading volumes (75,020 vs. 82,509), as investors watched to see how their support levels held up as they moved down towards their 52-week low.

Friday’s dragonfly doji candle gives a glimmer of hope to a near-term reversal, but market participants would be wise to wait to see more concrete evidence of an uptrend before entering into a position.

Their meager 1.18% distribution yield will also not provide much protection against any further moves to the downside, making it essential to have some form of a hedge up for any current or new positions in ACES.

ACES has support at the $42.45 (Volume Sentiment: Sellers, 1.67:1), $42.21 (Volume Sentiment: Sellers, 1.67:1), $42.17 (Volume Sentiment: Sellers, 1.67:1) & $40.14/share (52-Week Low; Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $42.87 (Volume Sentiment: Sellers, 1.67:1), $43.30 (Volume Sentiment: Sellers, 1.21:1), $43.72 (Volume Sentiment: Sellers, 1.21:1) & $44.50/share (Volume Sentiment: Buyers, 1.36:1) price levels.

CNYA, the iShares MSCI China ETF has lost -14.55% over the past year, declining -17.62% from their 52-week high in August of 2022, while recovering +6.36% from their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending towards oversold & their MACD is in bearish decline after Friday’s -3.09% gap down session.

Last week’s volume was -49.25% below the year prior’s average volume (60,680 vs. 119,572) signaling that there is uncertainty among market participants at the current price levels.

The inability of their moving averages to hold up as support levels further confirms that, as from Monday’s session onward they continued to sink beneath the 10 day moving average & then the 50 DMA as well.

Wednesday’s hanging man candlestick & Thursday’s shooting star that was held underneath the 10 day moving average predicted the sharp decline seen Friday & investors should remain weary of this name until they’ve established more solid footing beneath them.

While they do offer a 2.83% distribution yield for long-term holders, that is limited protection against further declines.

CNYA has support at the $29.18 (Volume Sentiment: Buyers, 1.1:1), $29.15 (Volume Sentiment: Buyers, 1.1:1), $28.88 (Volume Sentiment: Sellers, 1.5:1) & $28.84/share (Volume Sentiment: Sellers, 1.5:1) price levels, with resistance at the $29.62 (Volume Sentiment: Buyers, 1.1:1), $29.85 (50 Day Moving Average; Volume Sentiment: Buyers, 1.1:1), $30.14 (Volume Sentiment: Sellers, 1.3:1) & $30.19/share (Volume Sentiment: Sellers, 1.3:1) price levels.

GDX, the VanEck Vectors Gold Miners ETF has advanced +12.5% over the past year, but has fallen -18.75% from their 52-week high in May of 2023, while recovering +36.9% from their 52-week low in September of 2022 (ex-distributions).

Their RSI is trending back up towards neutral at 42.3, with their MACD trending back towards a bullish crossover.

Last week’s volume was -46.07% below the year prior’s average (12,724,480 vs. 23,594,986) signaling hesitance among investors.

Tuesday’s spinning top & Wednesday’s doji also support this sentiment, as investors do not seem confident in GDX’s current price level at this time.

They offer a 1.62% distribution yield for long-term holders, which does not provide much protection against downside moves.

GDX has support at the $28.91 (Volume Sentiment: Buyers, 1.37:1), $28.67 (Volume Sentiment: Buyers, 1.37:1), $28.41 (Volume Sentiment: Buyers, 1.37:1) & $28.02/share (Volume Sentiment: Buyers, 1.37:1) price levels, with resistance at the $29.59 (10 Day Moving Average; Volume Sentiment: Sellers, 1.03:1), $29.77 (Volume Sentiment: Sellers, 1.03:1), $29.95 (Volume Sentiment: Sellers, 1.03:1) & $29.99/share (Volume Sentiment: Sellers, 1.03:1) price levels.

Tying It All Together

Next week is quiet on the data reports front on Monday, with Tuesday featuring U.S. Retail Sales, Retail Sales Minus Autos, Import Price Index, Import Price Index Minus Fuel & the Empire State Manufacturing Survey at 8:30 am, followed by Business Inventories data at 10 am.

Monday’s earnings reports include Alcon, Heron Therapeutics, JinkoSolar & Monday.com.

Home Depot is scheduled to report earnings on Tuesday, as are Agilent, Cardinal Health, CAVA Group, Coherent, H & R Block, HUYA, IHS Holding, On, Sea Limited & Tencent Music.

Wednesday kicks off with Housing Starts at 8:30 am, followed by Industrial Production & Capacity Utilization at 9:15 am & the FOMC Minutes of July’s Meeting at 2 pm.

Cisco Systems reports earnings on Wednesday, as does 3D Systems, Alarm.com, AppLovin, Ballard Power, Clean Energy Fuels, Coeur Mining, Enersys, Genpact, GoodRX, Illumina, Infinera, Jack in the Box, Jazz Pharma, Lions Gate Entertainment, LL Flooring Holdings, Manulife Financial, Nomad Foods, ODP Corp., OGE Energy, Pan Am Silver, PENN Entertainment, Plug Power, Reynolds Consumer Products, Roblox, Statasys, Taboola, The Beauty Health Company, The Trade Desk, Valvoline, Vertex, Warby Parker, Wendy’s & Wynn Resorts.

Thursday features Initial Jobless Claims & the Philadelphia Fed Manufacturing Survey at 8:30 am, followed by the U.S. Leading Economic Indicators at 10 am.

Walmart headlines the earnings reports for Thursday, as well as Applied Materials, Bilibili, Dole, Farfetch, Keysight Technologies, Lumentum, Ross Stores & Tapestry.

Friday has no economic data being released, with earnings reports scheduled to come from Buckle, Deere, Estee Lauder, Palo Alto Networks & VIPShop.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, ERX, DXJ, EDIV, COWZ, UBT, ACES, CNYA or GDX AT THE TIME OF PUBLISHING THIS ARTICLE ***