Category: Market News, Research & Commentary

SPY, the SPDR S&P 500 ETF gained +2.45% over the past week, only outperforming the Dow Jones Industrial Average in terms of weekly performance for an index.

Their RSI closed in overbought territory for the week at 70.9, while their MACD remains mildly bullish, but not strong.

Their volume this week was below average compared to the year prior (722,203,760 vs. 83,556,752), with the heaviest traded session falling on Wednesday, a gap up day that resulted in a spinning top candlestick, a sign of uncertainty among investors.

Friday closed the week out also on a spinning top candle, but Friday’s was bearish, which makes it seem more likely that we will see Wednesday’s gap attempt to be filled this week.

There is support within the gap from the 10 Day Moving Average, but oscillators are signaling that we are due for a consolidation, which based on how far spaced apart support levels are at the moment may cause a 5%+ drop from their current price level.

SPY has support at the $443.54 (10 Day Moving Average; Volume Sentiment: Buyers, 2.47:1), $426.61 (50 Day Moving Average; Volume Sentiment: Sellers, 1.70:1), $424.79 (Volume Sentiment: Sellers, 1.70:1) & $416.07 (Volume Sentiment: Buyers, 1.43:1), with resistance at the $452.69 (Volume Sentiment: Sellers, 1.2:1), $460.87 (Volume Sentiment: Sellers, 2:1) & $468.78/share (Volume Sentiment: NULL, 0:0*) price levels.

QQQ, the Invesco QQQ Trust ETF climbed +3.5% over the past week, as the technology-heavy index was the second best performing index to the small cap Russell 2000.

Their RSI is also overbought at 71.92, with their MACD beginning to signal danger ahead & turning bearish.

Volumes were slightly below average last week compared to the prior year (50,149,220 vs. 55,601,102), which indicates that the weekly gain was not done with complete confidence by market participants.

Wednesday’s gap up day resulted in a doji, signaling uncertainty about the following price movement, and while Thursday’s candle was more confident (in terms of body:shadow), volume dipped that day, despite it being another gap up, indicating that investors were on the fence.

Friday’s gravestone doji on a bearish session with higher volume than Thursday’s confirms this sentiment, as investors did not want to carry much additional risk into the weekend & were beginning to take profits & perhaps make hedges.

QQQ doesn’t have any support between the price & the bottom of the gap formed on Thursday, but does have two touch-points around the second gap formed Wednesday, which could lead into a steep decline, with the 50 Day Moving Average falling -7.52% below the current price being the last major support near the price that doesn’t fall within what is considered a “correction” range.

QQQ has support at the $372.34 (Volume Sentiment: Sellers, 2.9:0*), $370.93 (10 Day Moving Average; Volume Sentiment: Buyers, 9.33:1), $357.59 (Volume Sentiment: Sellers, 1.82:1) & $350.56/share (50 Day Moving Average; Volume Sentiment: Sellers, 1.03:1) price levels, with resistance at the $404.02/share price level (Volume Sentiment: NULL, 0:0*).

IWM, the iShares Russell 2000 ETF improved +3.69% over the past week, faring the best of the major indexes.

Their RSI is just beyond the overbought end of the neutral range at 62.55 & trending downward, with their MACD beginning to show signals of a bearish crossover in the coming days’ sessions.

Volumes were slightly above average last week compared to the year prior (30,455,980 vs. 27,794,121), with an interesting trend between the two heaviest volume days.

They were the bookends of the current price range established by Wednesday’s gap up (heaviest volume) & Friday’s session, whose lower shadow extended well into the aforementioned gap, but recovered enough before the close to stay just below the new price range.

There is no support within this gap, which makes the coming days interesting as the nearest support level sits below the gap & -1.7% below the current price.

IWM has support at the $188.27 (10 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 $193.68 (Volume Sentiment: Buyers, 1.67:1), $197.98 (Volume Sentiment: Buyers, 2.57:1), $198.74 (Volume Sentiment: Sellers, 1.5:1) & $202.21/share (Volume Sentiment: NULL, 0:0*) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF advanced +2.29% over the past week, the least among the major averages.

Their RSI is on the overbought end of the neutral range at 61.88, with a MACD that is barely bullish.

Volumes were lighter than average last week compared to the year prior (2,989,640 vs. 3,588,598), signaling uncertainty among market participants.

Their highest volume day of the week was Wednesday, where they gapped up slightly, but the session closed below where it opened, signaling further uncertainty & a lack of confidence in the move.

Thursday & Friday resulted in spinning top candles, another sign of uncertainty among market participants, but unlike the other indexes, DIA has support levels much closer to their current price, which is also likely due to the size of the index components.

DIA has support at the $343.94 (Volume Sentiment: Buyers, 1.32:1), $342.23 (10 Day Moving Average; Volume Sentiment: Buyers, 1.32:1), $341.08 (Volume Sentiment: Buyers, 1.32:1) & $340.36/share (Volume Sentiment: Buyers, 1.32:1) price levels, with resistance at the $345.73/share price level (Volume Sentiment: Buyers, 3.17:1)

Let’s dive into some of the best & worst performing industries & geo-locations in the market now based on their ETF’s technical rating!

Transportation (TPOR), Mexico (MEXX), Industrials (DUSL) & Social Media (SOCL) Are Bullishly Leading The Market

TPOR, the Direxion Daily Transportation Bull 3x Shares ETF has climbed +39.61% over the past year, including a +95.63% recovery from their 52-week low in October of 2022 (ex-distributions).

Their RSI just dipped back beneath overbought levels at 67.05, with their MACD signaling an impending bearish crossover in the coming sessions after the mid-to-end of week weakness.

Last week’s volume was above average compared to the year prior (34,080 vs. 26,825), however the configuration of the week’s candlesticks should be a cause of concern for market participants.

Monday & Tuesday were advancing days, but they also had the lowest volumes of the week, with exception to Wednesday’s session, which is currently marking the most recent top & the reversal point, as the day opened above the prior two, but closed below the open.

Investors may think to take some profits or hedge against losses using an options strategy while waiting to see how it behaves around support levels, as their 0.83% distribution yield will not provide much protection.

TPOR has support at the $32.54 (Volume Sentiment: Sellers, 2.25:1), $32.37 (Volume Sentiment: Sellers, 2.25:1), $32.04 (10 Day Moving Average; Volume Sentiment: Sellers, 2.25:1) & $28.61/share (Volume Sentiment: Buyers, 1.69:1), with resistance at the $34.23 (Volume Sentiment: Buyers, 2:1), $36.01 (Volume Sentiment: Buyers, 1.48:1), $38.14 (Volume Sentiment: Buyers, 1.2:1) & $40.16/share (Volume Sentiment: Buyers, 1.79:1) price levels.

MEXX, the Direxion Daily MSCI Mexico Bull 3x Shares ETF has ballooned an astounding +142.18% over the past year, tacking on +176.43% from their 52-week low in September of 2022 (ex-distributions).

Their RSI is beginning to trend back towards neutral at 57.75, but their MACD is still bullish.

Last week’s volume decline to below half of the past year’s average (1,040 vs. 2,370) as the latter half of the week was marked with gaps & lower closing than opening prices (with exception to Friday’s session), signaling uncertainty among investors.

Friday’s candle does require a closer examination, as the day opened lower & the open & low were the same price level, and the closing price also happened to be the high for the day on a bearish gap down that fell midway between the body of Wednesday’s candle.

This has tended to lead to near-term bearishness, which makes it important to take profits or have a hedging strategy in place, such as buying puts or selling calls, as their 1.27% distribution yield will not provide much protection against losses.

MEXX has support at the $156.97 (Volume Sentiment: Buyers, 4.7:0*), $156.18 (Volume Sentiment: Buyers, 4.7:0* ), $155.17 (10 Day Moving Average; Volume Sentiment: Buyers, 1.67:1) & $148.73/share (Volume Sentiment: Sellers, 4.29:1) price levels, with resistance overhead at the $166.25 (Volume Sentiment: Buyers, 0.9:0*), $166.94 (Volume Sentiment: Buyers, 0.9:0*), $209.77 (Volume Sentiment: NULL, 0:0*) & $249.31/share (Volume Sentiment: NULL, 0:0*) price levels.

DUSL, the Direxion Daily Industrials Bull 3x Shares ETF has gained +68.68% over the past year, adding +97.95% from their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending back toward neutral from overbought at 65.57, with their MACD showing an impending bearish crossover on the horizon.

Last week’s volume was more than double the average volume of the year prior (50,580 vs. 24,198) with the highest volumes occurring on Tuesday’s gap up session & Thursday’s session which resulted in a dragonfly doji.

Friday closed with a hanging man candle in a three day downtrend, which signals more weakness is on the horizon.

With only a 1.21% distribution yield there is not much in terms of protection against losses during a consolidation period, making it appropriate to find a hedging strategy & to trim some profits after the bull run of the last month & a half.

DUSL has support at the $38.75 (10 Day Moving Average; Volume Sentiment: Buyers, 2.04:1), $37.34 (Volume Sentiment: Sellers, 1.41:1), $36.84 (Volume Sentiment: Buyers, 1.72:1) & $36.78/share (Volume Sentiment: Buyers, 1.72:1) price levels, with resistance at the $41.07 (Volume Sentiment: Buyers, 1.31:1), $42.28 (Volume Sentiment: Sellers, 1.75:1), $44.33 (Volume Sentiment: Sellers, 2.7:1) & $48.73/share (Volume Sentiment: NULL, 0:0*) price levels.

SOCL, the Global X Social Media Index ETF has advanced +21.39% over the past year, gaining +63.08% since their 52-week low in November of 2022 (ex-distributions).

Their RSI is trending back out of overbought territory at 67.96, but their MACD is still bullish (although beginning to curl over bearishly).

Last week’s volume fell to about half of the average volume for the year (16,080 vs. 31,306) in a week that’s gains mostly were due to Wednesday & Thursday’s gap up sessions.

SOCL sports a modest 0.48% distribution yield, which will not provide much protection against losses, making this a good time to think about a hedging strategy & profit taking before it attempts to fill in the gaps from last week & consolidate while its oscillators return to normal levels.

SOCL has support at the $38.97 (Volume Sentiment: Buyers, 1.21:1), $38.54 (Volume Sentiment: Buyers, 1.21:1), $37.85 (10 Day Moving Average; Volume Sentiment: Sellers, 1.11:1) & $37.08/share (Volume Sentiment: Sellers, 1.11:1) price levels, with resistance at the $40.24 (Volume Sentiment: Buyers, 4.14:1), $45.20 (Volume Sentiment: Sellers, 3.4:1), $45.63 (Volume Sentiment: Sellers, 3.4:1) & $49.32/share (Volume Sentiment: Sellers, 1.03:1) price levels.

Energy (ERX), Thailand (THD), 7-10 Year U.S. Treasuries (UST) & U.S. Pharmaceuticals (IHE) Are Bearishly Lagging The Market

ERX, the Direxion Daily Energy Bull 2x Shares ETF has gained 26.57% over the past year, including a +30.29% rebound from their 52-week low in September of 2022, but has declined -29.76% from their 52-week high in November of 2022 (ex-distributions).

Their RSI has dropped to neutral at 51.76 & their MACD is moving towards a bearish crossover in the coming days.

Last week’s volume was below average compared to the year prior (998,940 vs. 1,462,217) in a week that started off advancing & on Wednesday went into bearish decline after Wednesday’s spinning top candle led to another on Thursday & a break of the 10 Day Moving Average’s support on Friday’s down day.

ERX pays a 3.13% distribution yield to long-term holders, which will provide some protection against losses, however it would be wise to begin looking for hedges against any existing positions while watching to see how its support levels hold up.

ERX has support at the $54.39 (Volume Sentiment: Sellers, 1.01:1), $54.13 (Volume Sentiment: Sellers, 1.01:1), $52.82 (Volume Sentiment: Buyers, 1.42:1) & $53.81/share (50 Day Moving Average; Volume Sentiment: Buyers, 2.23:1) price levels, with resistance overhead at the $55.15 (Volume Sentiment: Buyers, 4.3:0*), $55.39 (10 Day Moving Average; Volume Sentiment: Buyers, 4.3:0*), $55.46 (Volume Sentiment: Buyers, 4.3:0*) & $55.88/share (Volume Sentiment: Buyers, 4.3:0*) price levels.

THD, the iShares MSCI Thailand Capped ETF has inched forward +5.57% over the past year & +8.28% from their 52-week low in October of 2022, but has fallen -16.64% since their 52-week high in January of 2023 (ex-distributions).

Their RSI is about neutral at 53.94, with their MACD still bullish following 5 sessions of gains, but a warning signal was shown on Friday.

Last week’s volume was slightly above average compared to the past year (80,140 vs. 78,464), but the day with the most volume came on Friday which resulted in a gravestone doji.

This week investors will have their eyes peeled to see if the will be a bearish reversal & how support levels hold up.

While they offer a 2.66% distribution yield, a hedging strategy using options would be a wise thing to look into in the coming days.

THD has support at the $67.02 (Volume Sentiment: Buyers, 1.37:1), $66.68 (Volume Sentiment: Buyers, 1.41:1), $66.26 (10 Day Moving Average; Volume Sentiment: Buyers, 1.41:!) & $64.77/share (Volume Sentiment: Sellers, 1.33:1) price levels, with resistance at the $67.50 (Volume Sentiment: Buyers, 1.37:1), $67.61 (Volume Sentiment: Buyers, 1.37:1), $67.91 (50 Day Moving Average; Volume Sentiment: Buyers, 1.37:1) & $68.35/share (Volume Sentiment: Sellers, 1.03:1) price levels.

UST, the ProShares Ultra 7-10 Year Treasury ETF has lost -12.46% over the past year, recovering +4.48% from their 52-week low in July of 2022 & dropped -19.55% since their 52-week high in August of 2022 (ex-distributions).

Their RSI is about neutral at 49.90 & their MACD is currently bullish, mostly due to a pair of gap ups on Wednesday & Thursday of last week.

Last week’s volumes were minuscule compared to the average volume of the past year (4,080 vs. 12,376), signaling that there was not much conviction among investors in the moves of the past week & investors should proceed with caution.

While UST offers a 2.2% distribution yield for long-term holders, that is limited protection against further consolidation & the closing of the gap that began on Friday, making it worthwhile to have a hedging strategy in place & waiting to see how it behaves around its support levels, especially given how the 10, 50 & 200 day moving averages are currently positioned around their share price.

UST has support at the $46.28 (Volume Sentiment: ), $46.11 (Volume Sentiment: ), $45.69 (10 Day Moving Average; Volume Sentiment: ) & $45.13/share (Volume Sentiment: ) price levels, with resistance at the $46.96 (Volume Sentiment: ), $47.31 (50 Day Moving Average; Volume Sentiment: ), $47.46 (200 Day Moving Average; Volume Sentiment: ) & $48.10/share (Volume Sentiment: Buyers, 1.04:1) price levels.

IHE, the iShares U.S. Pharmaceutical ETF has given up -4.82% over the past year, recovered +5.47% from their 52-week low in October of 2022, but declined -8.95% from their 52-week high in July of 2022 (ex-distributions).

Their RSI is neutral at 50.09, with a bearish MACD that is beginning to trend towards a bullish crossover after Friday’s gap up session.

Last week’s volume was fell far below the average volume for the year (4,700 vs. 9,453), with Thursday’s candlestick receiving the most volume, followed by Friday’s gap up candle.

One thing of note on Friday’s candle, the high of the day went up to the 50 Day Moving Average & then ducked back down to close beneath it, with a shadow in between the close & the 50 DMA.

Based on the light volume, neutral RSI & lack of support levels within the window it created, this gap is something that is likely to be filled in the coming week & investors should be cautious.

Their 1.98% distribution yield does not offer much protection against declines, making a good time to begin planning a hedging strategy as the nearest level of support is at $173.66/share.

IHE has support at the $175.67 (10 Day Moving Average; Volume Sentiment: Sellers, 2.32:1), $173.66 (Volume Sentiment: Buyers, 1.4:1), $173.26 (Volume Sentiment: Buyers, 1.4:1) & $172.88/share (Volume Sentiment: Buyers, 1.4:1), with resistance at the $176.44 (50 Day Moving Average; Volume Sentiment: Buyers, 1.15:1), $177.05 (Volume Sentiment: Buyers, 1.15:1), $178.15 (200 Day Moving Average; Volume Sentiment: Even, 1:1) & $179.88/share (Volume Sentiment: Even, 1:1) price levels.

Tying It All Together

This week kicks off at 8:30 am on Monday with the Empire State Manufacturing Survey & Equity Lifestyle Properties reports earnings.

Tuesday things get busier, with U.S. Retail Sales & Retail Sales Minus Autos data due at 8:30 am, followed by Industrial Production & Capacity Utilization data at 9:15 am & at 10 am Business Inventories & Home Builder Confidence Index data is set to be reported.

Also on Tuesday, there will be many earnings reports including Bank of America, Bank of New York Mellon, Charles Schwab, Hasbro, Interactive Brokers, J.B. Hunt Transportation Services, Lockheed Martin, Morgan Stanley, Novartis, Omnicom, Pinnacle Financial Partners, PNC, Prologis, Synchrony Financial & Western Alliance Bancorp.

Wednesday morning at 8:30 am we get Housing Starts data.

Netflix, Tesla, Alcoa, Ally Financial, ASML, Baker Hughes, Citizens Financial Group, Cohen & Steers, Crown Castle, Discover Financial Services, Equifax, First Horizon, Goldman Sachs, Halliburton, International Business Machines, Kinder Morgan, Las Vegas Sands, M&T Bank, Nasdaq, Rexford Industrial Realty, SL Green Realty, Steel Dynamics, U.S. Bancorp, United Airlines & Zions Bancorp are also all due to report earnings on Wednesday.

Initial Jobless Claims & the Philadelphia Fed Manufacturing Survey data are set to be reported at 8:30 am on Thursday, followed by Existing Home Sales & U.S. Leading Economic Indicators data at 10 am.

American Airlines, Badger Meter, Blackstone, Capital One Financial, CSX, D.R. Horton, Fifth Third, Freeport-McMoran, First Financial, Genuine Parts, Intuitive Surgical, Johnson & Johnson, KeyCorp, Knight-Swift Transportation, Marsh McLennan, Newmont Goldcorp, Phillip Morris International, PPG Industries, Pool, SAP, Snap-On, Travelers, Truist Financial & W.R. Berkley are all due to report earnings on Thursday.

Friday has no economic data scheduled, but American Express, AutoNation, Comerica, Huntington Banc, Regions Financial, Roper Technologies & SLB are all due to report earnings.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, TPOR, MEXX, DUSL, SOCL, ERX, THD, UST, or IHE AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF declined -1.07% last week, in a week that was marked by jumpy gaps that resulted in prices settling just above the 10 day moving average.

Their RSI is retreating from overbought territory & currently at 59.5 & their MACD is bearishly falling.

Sessions from early last week were on below average volume compared to the year prior, with the end of the week’s volume levels returning more to about average, which could be a sign of indecisiveness among investors, or just less people trading during the holiday week.

Monday’s spinning top candle ultimately set the tone for the rest of the week declining, after the previous Friday’s session’s gap up.

Thursday’s gap down began a new price range, but Friday’s gravestone doji signals that more declines are on the near-term horizon & suggests a lack of confidence in current price levels among investors.

SPY has support at the $438.37 (10 Day Moving Average; Volume Sentiment: Even, 1:1), $424.79 (Volume Sentiment: Sellers, 1.70:1), $423.10 ( 50 Day Moving Average; Volume Sentiment: Buyers, 1.39:1) & $415.18/share (Volume Sentiment: Buyers, 1.57:1), with resistance at the $444.30 (Volume Sentiment: Buyers, 14.29:1), $447.43 (Volume Sentiment: Buyers, 14.29:1), $452.69 (Volume Sentiment: Sellers, 1.2:1) & $460.87/share (Volume Sentiment: Sellers, 2:1).

QQQ, the Invesco QQQ Trust ETF fell -0.86% last week, as the NASDAQ performed strongest of all of the major indexes.

Their RSI is on the oversold end of neutral at 60.19, while their MACD is bearish.

Overall, volumes were below average last week compared to the year prior, as there is a lot of uncertainty about the Federal Reserve’s course of interest rate hikes, which will impact the tech-heavy NASDAQ more than most stocks.

Monday’s doji followed by Wednesday’s shooting star candlestick show that the near-term sentiment among investors & traders is more bearish, with Thursday & Friday’s price action mostly opening & closing around the exact same price levels, being supported by the 10 day moving average.

QQQ has support at the $365.61 (10 Day Moving Average; Volume Sentiment: Buyers, 1.68:1), $345.13 (50 Day Moving Average; Volume Sentiment: Sellers, 1.28:1), $332.05 (Volume Sentiment: Sellers, 4:1) & $312.77/share (Volume Sentiment: Sellers, 1.94:1), with resistance at the $372.34 (Volume Sentiment: Sellers, 2.9:0*), $374.55 (Volume Sentiment: Sellers, 2.9:0*), $377.90 (Volume Sentiment: Buyers, 2.5:1) & $400.45/share (Volume Sentiment: NULL, 0:0*).

IWM, the iShares Russell 2000 ETF dropped -1.37% last week, as investors were selling smaller cap names.

Their RSI is about neutral at 53.6, but their MACD is currently giving bearish signals.

Monday & Wednesday’s sessions had below average volumes compared to the year prior, but the end of the week’s levels returned to about average.

Monday kicked the week off with a shooting star candlestick to set the tone off as bearish for the week, leading to Thursday’s large gap down session that tested price levels well below the range that the open & closing prices occurred in.

Friday attempted to reclaim the window’s range created by Thursday’s gap, but was ultimately won by the bears who kept prices to the lower half of the day’s candle & below the prior Thursday’s candle, indicating sentiment is still widely bearish.

IWM has support at the $184.35 (Volume Sentiment: Sellers, 1.14:1), $183.56 (Volume Sentiment: Buyers, 1.05:1), $179.28 (Volume Sentiment: Sellers, 1.13:1) & $179.11/share (50 Day Moving Average; Volume Sentiment: Sellers, 1.13:1), with resistance at the $187.48 (Volume Sentiment: Buyers, 3.17:1), $189.24 (Volume Sentiment: Buyers, 2.5:1), $197.98 (Volume Sentiment: Buyers, 2.57:1) & $198.74/share (Volume Sentiment: Sellers, 1.5:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF lost -1.87% last week, as even the largest companies were not immune against the selling pressure across the overall market.

Their RSI is about neutral at 47.47, but their MACD is also signaling impending bearishness.

Thursday had the week’s strongest volumes, but overall the levels were not noteworthy compared to the year prior, indicating either caution on the part of investors, or being attributable to the holiday on Tuesday.

Their 10 day moving average was not able to provide the support needed to keep prices from the declines seen on Thursday’s gap down session & Friday’s session’s open/closing prices were trending closer to the 50 day moving average.

DIA has support at the $336.44 (Volume Sentiment: Buyers, 1.33:1), $335.87 (50 Day Moving Average; Volume Sentiment: Sellers, 1.08:1), $327.16 (200 Day Moving Average; Volume Sentiment: Sellers, 1.36:1) & $326.32/share (Volume Sentiment: Sellers, 1.36:1), with resistance at the $340.04 (Volume Sentiment: Buyers, 1.32:1), $340.07 (10 Day Moving Average; Volume Sentiment: Buyers, 1.32:1), $$340.46 (Volume Sentiment: Buyers, 1.32:1) & $341.08/share (Volume Sentiment: Buyers, 1.32:1) price levels.

Semiconductors (SOXL), Brazil (BRZU), Japan (DXJ) & Dynamic Oil & Gas Services (PXJ) Are All Bullishly Leading The Market

SOXL, the Direxion Daily Semiconductors Bull 3x Shares ETF has gained +79.61% over the past year, improving an astonishing +296.73% since its 52-week low in October of 2022 (ex-distributions).

Their RSI is neutral at 51.46, but their MACD is currently in a bearish decline.

Volumes were below average compared to the year prior all week, signaling waning enthusiasm among investors & traders.

Last Monday’s session resulted in a spinning top, following another in the Friday before’s session as investors signaled uncertainty.

Thursday’s gap down couldn’t find any support from the 10 day moving average & Friday’s gravestone doji signals that there looks to be more bearish sentiment in the near-term.

SOXL pays a modest 0.61% distribution yield to long-term shareholders, which does not provide much of a cushion against losses, making it wise for holders of existing positions to have an insurance policy in place, such as selling calls or buying puts while waiting to see how their price behaves around other levels of support.

SOXL has support at the $22.05 (Volume Sentiment: Buyers, 2.23:1), $21.52 (Volume Sentiment: Sellers, 1.13:1), $20.40 (Volume Sentiment: Sellers, 2.63:1) & $19.75/share (50 Day Moving Average; Volume Sentiment: Buyers, 1.45:1), with resistance at the $23.60 (10 Day Moving Average; Volume Sentiment: Buyers, 1.5:1), $24.76 (Volume Sentiment: Buyers, 3.67:1), $25.75 (Volume Sentiment: Sellers, 1.06:1) & $26.75/share (Volume Sentiment: Buyers, 1.2:0*) price levels.

BRZU, the Direxion Daily Brazil Bull 2x Shares ETF has added +52.74% over the past year, including a 64.33% gain from their 52-week low in March of 2023 (ex-distributions).

Their RSI is relatively neutral at 53.78, but their MACD is in a bearish decline following mid-June’s price correction.

Volumes have been well below average recently compared to the year prior, signaling that there is uncertainty ahead & that enthusiasm is waning among investors.

Monday & Wednesday’s sessions were spinning tops, indicating uncertainty among market participants, before Thursday’s gap down & Friday’s shooting star candle indicates that there is likely more declines on the horizon.

BRZU pays a 3.98% distribution yield to long-term shareholders, which offers some protection against losses, but as with any other name & a chart that is flashing caution, it is wise to have some form of insurance against losses in the forms of an options hedge for the coming weeks.

BRZU has support at the $86.26 (Volume Sentiment: NULL, 0:0*), $85.89 (Volume Sentiment: Buyers, 2:1), $85.16 (Volume Sentiment: Buyers, 2:1) & $83.35/share (Volume Sentiment: NULL, 0:0*), with resistance at the $88.42 (10 Day Moving Average; Volume Sentiment: Sellers, 3:1), $91.68 (Volume Sentiment: Sellers, 1.33:1), $91.81 (Volume Sentiment: Sellers, 1.33:1) & $92.11/share (Volume Sentiment: NULL, 0:0*) price levels.

DXJ, the WisdomTree Japan Hedged Equity Fund ETF has risen +34.56% over the past year, improving +32.88% since their 52-week low in September of 2022 (ex-distributions).

Their MACD is relatively neutral at 56.66, but their MACD is bearish, which became even steeper following Thursday’s gap down.

Volumes were roughly average compared to the year prior last week, but while there may have been conviction behind moves DXJ made, the candlesticks don’t paint the brightest of pictures for their near-term outlook.

Monday’s session resulted in a spinning top, followed by the dragonfly doji on Wednesday, a hanging man on Thursday & prices were unable to recover to the 10 day moving average on Friday, with the day’s opening & closing levels occurring at the bottom of the candle.

With bearish sentiment remaining after DXJ recently hit all time highs, it would be wisest to hedge a position against further near-term declines, as their 3.17% distribution yield will not cover against all losses.

DXJ is near its all time high & has support at the $80.64 (Volume Sentiment: NULL, 0:0*), $79.81 (Volume Sentiment: NULL, 0:0*), $77.55 (Volume Sentiment: NULL, 0:0*) & $77.53/share (50 Day Moving Average; Volume Sentiment: NULL, 0:0*), with resistance at the $82.55 (10 Day Moving Average; Volume Sentiment: NULL, 0:0*), $83.30 (Volume Sentiment: NULL, 0:0*), $84.09/share (Volume Sentiment: NULL, 0:0*) price level.

PXJ, the Invesco Dynamic Oil & Gas Services ETF has gained +49.92% over the past year, with a +61.85% rebound from their 52-week low in July of 2022 (ex-distributions).

Their RSI is overbought at 70.04 & their MACD is still signaling bullishness, especially after Friday’s +6.05% gain.

Recent volumes have been below average compared to the year prior.

Last week’s candlesticks began signaling bearishness early in the week & with Wednesday’s dragonfly doji & Thursday’s spinning top, but Friday’s session showed solid price action with prices closing near the highs of the day.

Volume on Friday was relatively tame though, which does not provide much confirmation for the day’s price movement.

PXJ provides a 1.28% distribution yield to long-term investors, making it important to be monitoring open positions & being prepared to hedge against near-term declines, especially as the oscillators cool off from Friday’s large movement.

PXJ has support at the $5.23 (Volume Sentiment: Buyers, 1.37:1), $5.20 (Volume Sentiment: Buyers, 1.37:1), $5.16 (Volume Sentiment: Buyers, 1.37:1) & $5.15/share (Volume Sentiment: Buyers, 1.37:1), with resistance at the $5.27 (Volume Sentiment: Buyers, 1.37:1), $5.29 (Volume Sentiment: Buyers, 1.37:1), $5.51 (Volume Sentiment: Buyers, 2.57:1) & $5.56/share (Volume Sentiment: Buyers, 2.57:1) price levels.

Optimum Yield Diversified Commodity Strategy (PDBC), South Africa (EZA), Long-term Treasuries (SPTL) & Global Gold Miners (RING) Are All Bearishly Lagging The Market

PDBC, the Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF has fallen -11.33% over the past year, losing -24.52% since their 52-week high in August of 2022, but has reclaimed +4.39% since their 52-week low in May of 2023 (ex-distributions).

Their RSI is relatively neutral at 53.01, with their MACD signaling a bullish crossover on the horizon, after steady growth in price over the past two weeks.

Last week’s volumes were below average compared to the year prior though, which does not indicate a strong sense of confidence among investors, despite their price being held up by the 10 & 50 day moving averages functioning as levels of support on Friday.

The $14 price level will be an area of interest to watch if they continue climbing in the weeks ahead, but they will need more eager investor sentiment in order to continue upwards.

PDBC pays a handsome 13.98% distribution yield for long-term holders, but hedging would be wise, especially once you notice that they are being held up at resistance points down the line.

PDBC has support at the $13.71 (50 Day Moving Average; Volume Sentiment: Buyers, 1.46:1), $13.64 (10 Day Moving Average; Volume Sentiment: Buyers, 1.46:1), $13.39 (Volume Sentiment: Buyers, 1.46:1 ) & $13.38/share (Volume Sentiment: Buyers, 1.46:1), with resistance at the $13.96 (2 Touch-points in past 52-weeks; Volume Sentiment: Buyers, 1.46:1), $14.00 (Volume Sentiment: Buyers, 1.04:1), $14.12 (Volume Sentiment: Buyers, 1.04:1) & $14.17/share (Volume Sentiment: Buyers, 1.04:1) price levels.

EZA, the iShares MSCI South Africa ETF has lost -2.56% over the past year, declining -18.37% from their 52-week high in January of 2023, but has climbed back +9.37% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is on the oversold end of neutral at 45.64, with their MACD signaling bearishness.

Last week’s volumes were below average compared to the year prior, signaling that there is uncertainty among investors currently.

In the coming week, it will be interesting to see if 10 & 50 day moving averages apply downward pressure on their share price or if their resistance levels will be able to be broken.

EZA provides a 3.43% distribution yield for long-term investors which will provide some protection against losses, but hedging a position would be wise if they begin to falter around resistance levels.

EZA has support at the $37.99 (Volume Sentiment: Sellers, 1.26:1), $37.92 (Two Touch-points In The Past 52-Weeks; Volume Sentiment: Sellers, 1.26:1), $37.77 (Volume Sentiment: Sellers, 1.26:1) & $37.25/share (Volume Sentiment: Sellers, 1.26:1), with resistance at the $39.27 (10 Day Moving Average; Volume Sentiment: Sellers, 1.54:1), $39.64 (50 Day Moving Average; Volume Sentiment: Sellers, 1.54:1), $40.56 (200 Day Moving Average; Volume Sentiment: Sellers, 1.07:1) & $40.66/share (Volume Sentiment: Sellers, 1.07:1) price levels.

SPTL, the SPDR Barclays Long Term Treasury ETF has fallen -10.5% over the past year, dropping -16.85% from their 52-week high in August of 2022, but has regained +7.41% from their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending towards oversold levels at 36.01, with a bearish reading also coming from their MACD.

Volumes were below average during a week of declines, as prices on Monday were unable to overcome the resistance level set by the 10 & 50 day moving averages & broke down through the 200 day moving average as well.

Friday’s gravestone doji implies that the market views there being more pain on the way for SPTL, as they try to establish a floor in the coming week.

While they pay a 3.03% distribution yield, it would be wise to check into the costs of hedges on any bullish days in the coming weeks to see if there are any discounts on insurance against losses.

SPTL has support at the $28.54 (Volume Sentiment: Sellers, 1.47:1), $28.49 (Volume Sentiment: Sellers, 1.47:1), $28.46 (Volume Sentiment: Sellers, 1.47:1) & $27.86/share (Volume Sentiment: Sellers, 1.64:1), with resistance at the $29.00 (Volume Sentiment: Sellers, 1.14:1), $29.57 (200 Day Moving Average; Volume Sentiment: Sellers, 1.14:1), $29.62 (10 Day Moving Average; Volume Sentiment: Sellers, 1.14:1) & $29.82/share (50 Day Moving Average; Volume Sentiment: Sellers, 1.14:1) price levels.

RING, the iShares MSCI Global Gold Miners ETF has advanced +10.5% over the past year, but has fallen -19.1% from their 52-week high in May of 2023, while recovering +35.65% from their 52-week low in September of 2022 (ex-distributions).

Their RSI is on the oversold end of neutral at 40.98, but their MACD is flashing signs of a bearishness in the coming days.

Volumes were below average all of last week, with the exception of on Friday, a day where prices were caught between support from the 200 day moving average & resistance overhead from the 10 day moving average & candle formed a harami pattern with Thursday’s candle, with the prices opening & closing close to the bottom of the day’s range.

Wednesday’s candle was a bearish engulfing candle, which implies that there are further declines in store for RING in the near-term.

While they pay a 2.17% distribution yield to long-term shareholders, market participants with a position in RING would be wise to look for hedges as protection from additional declines.

RING has support at the $22.66 (Volume Sentiment: Buyers, 2.18:1), $22.64 (200 Day Moving Average; Volume Sentiment: Buyers, 2.18:1), $22.45 (Volume Sentiment: Buyers, 2.18:1) & $22.00/share (Volume Sentiment: Buyers, 2.18:1), with resistance at the $22.90 (Volume Sentiment: Buyers, 2.18:1), $23.01 (10 Day Moving Average; Volume Sentiment: Sellers, 1.26:1), $23.06 (Volume Sentiment: Sellers, 1.26:1) & $23.18/share (Volume Sentiment: Sellers, 1.26:1) price levels.

Tying It All Together

Monday kicks off with Wholesale Inventories reported at 10 am, followed by Consumer Credit at 3 pm.

Also on Monday, PriceSmart & WD-40 are set to report earnings.

On Tuesday we get the NFIB Optimism Index reading at 6 am & there are no earnings reports scheduled.

Wednesday is the much anticipated Consumer Price Index, Core CPI, CPI Year-over-Year & Core CPI Year-over-Year at 8:30 am, followed by the Fed Beige Book at 2pm, with earnings reports due to AngioDynamics & MillerKnoll.

On Thursday morning we get the Initial Jobless Claims, Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year data, all reported at 8:30 am.

Thursday’s earnings include PepsiCo, Delta Airlines, Conagra, Fastenal, Progressive & Washington Federal.

Friday the week winds down with Import Price Index & Import Price Index Minus Fuel data at 8:30 am & Consumer Sentiment reported at 10 am.

JPMorgan Chase, BlackRock, Citigroup, State Street, United Health Group & Wells Fargo are all due to report earnings on Friday.

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, SOXL, BRZU, DXJ, PXJ, PDBC, EZA, SPTL, or RING AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF gained +2.32% over the past week, much of which came from Friday’s +1.18% gap up session.

Their RSI is about to enter overbought territory at 69.69 & their MACD is bullish.

Last week’s trading volumes were above average compared to the year prior, signaling confidence behind their price action in investors’ eyes.

However, Wednesday’s spinning top & Friday’s shooting star candlestick are signaling that there will be a cool down period in prices in the near-term, especially when combined with the other indicators.

Their 10 day moving average will be the first major test of support.

SPY has support at the $436.67 (10 Day Moving Average; Volume Sentiment: Sellers, 1.32:1), $424.79 (Volume Sentiment: Sellers, 1.24:1), $420.53 (50 Day Moving Average; Volume Sentiment: Sellers, 1.30:1) & $415.18/share (Volume Sentiment: Buyers, 3:1) price levels, with resistance (all on 2 year chart) at the $447.43 (Volume Sentiment: Buyers, 1.14:1), $452.69 (Volume Sentiment: Sellers, 1.25:1), $460.87 (Volume Sentiment: Buyers, 1.5:0*) & $468.78/share (Volume Sentiment: Buyers, 3.33:1) price levels.

QQQ, the Invesco QQQ Trust ETF added +1.9% over the past week, mostly due to Friday’s +1.54% gap up after spending the week in a consolidation range.

Their RSI is trending towards overbought conditions, with their MACD bearishly falling.

Last week’s trading volumes were relatively average compared to the year prior, with the candlesticks for the week adding more color to how investors are feeling about QQQ.

The first four days of the week traded in a relatively tight range, with Thursday closing with a hanging man candlestick, projecting bearish sentiment.

Friday’s candle’s open to closing price range all took place on the lower range of the candle overall, which also paints a cautious attitude among investors.

QQQ has support at the $364.42 (10 Day Moving Average; Volume Sentiment: Buyers, 1.16:1), $340.79 (50 Day Moving Average; Volume Sentiment: Sellers, 1.2:1), $332.05 (Volume Sentiment: Sellers, 3.2:1) & $312.77/share (Volume Sentiment: Sellers, 3.64:1) price levels, with resistance at the $372.34 (Volume Sentiment: Sellers, 1:0*), $374.55 (Volume Sentiment: Sellers, 1:0*), $377.97 (Volume Sentiment: Buyers, 1.33:1) & $400.45/share (Volume Sentiment: NULL, 0:0*) price levels.

IWM, the iShares Russell 2000 ETF climbed +3.71% over the past week, as small caps were the favorite among investors for the week.

Their RSI is trending towards overbought at 61.19, with their MACD bullish.

Recent volumes this past week were above average compared to the year prior, but Friday’s filled in, but bullish hanging man candle casts a foreboding shadow around a week of solid growth & performance for IWM.

IWM has support at the $186.81 (Volume Sentiment: Buyers, 1.91:1) $185.44 (Volume Sentiment: Buyers, 1.75:1), $184.17 (10 Day Moving Average; Volume Sentiment: Buyers, 1.75:1) & $183.56/share (Volume Sentiment: Sellers, 1.23:1) price levels, with resistance at the $187.48 (Volume Sentiment: Buyers, 1.91:1), $189.24 (Volume Sentiment: Sellers, 1.19:1), $197.98 (Volume Sentiment: Buyers, 1.31:1) & $198.74/share (Volume Sentiment: Buyers, 1.5:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF improved +1.98% over the past week, in large part thanks to Friday’s +0.79% gap up session.

Their RSI is trending towards overbought, with a bullish MACD.

Recent volumes this past week were slightly below average compared to the year prior.

Friday’s spinning top candle will make it important to watch the window created by the day’s gap up, as well as the support that the 10 day moving average provides in the near-term for when trying to figure out where there price is heading next.

DIA has support at the $341.08 (Volume Sentiment: Buyers, 1.71:1), $340.36 (Volume Sentiment: Buyers, 1.71:1), $340.04 (Volume Sentiment: Buyers, 1.71:1) & $339.94/share (10 Day Moving Average; Volume Sentiment: Buyers, 1.01:1), with resistance at the $343.94 (Volume Sentiment: Buyers, 1.71:1), $345.73 (Volume Sentiment: Even, 1:1), $346.22 (Volume Sentiment: Even, 1:1) & $347.93/share (Volume Sentiment: Even, 1:1) price levels.

Let’s dive into some of the best & worst performing geo-locations & industries in the market based on technical ratings from this week’s data!

Greece (GREK), Information Technology (FTEC), U.S. Infrastructure Development (PAVE) & Self Driving EV & Tech (IDRV) Are All Bullishly Leading The Market

GREK, the Global X MSCI Greece ETF has gained +64.96% over the past year, climbing +79.03% since their 52-week low in September of 2022 (ex-distributions).

Their RSI is approaching overbought conditions at 67.56, with their MACD primed to bullishly crossover in the coming days.

Recent trading volumes have been above average, showing that investors are confident in GREK at the moment, but they did dip under their 10 day moving average last week, indicating that the support was broken & may not be strong in the near-term.

Last week’s candlesticks had a few spinning tops, a large gap up on Thursday & a doji to close the week on Friday, which also hints at upcoming weakness on the horizon.

While they offer a 2.44% distribution yield to long-term holders, investors would be wise to have an options position for insurance against losses in the near-term, such as selling calls or buying puts, while watching their behavior at support levels.

GREK has support at the $36.97 (Volume Sentiment: NULL, 0:0*), $36.39 (10 Day Moving Average; Volume Sentiment: NULL, 0:0*), $35.21 (Volume Sentiment: NULL, 0:0*), $33.75/share (50 Day Moving Average; Volume Sentiment: NULL, 0:0*), with resistance at the (11 year chart) $43.93 (Volume Sentiment: NULL, 0:0*), $46.86 (Volume Sentiment: NULL, 0:0*), $48.65 (Volume Sentiment: NULL, 0:0*) & $50.09/share (Volume Sentiment: NULL, 0:0*) price levels.

FTEC, the Fidelity MSCI Information Technology ETF has improved +36.04% over the past year, including a +51.57% gain since their 52-week low in September of 2022 (ex-distributions.)

Their RSI is approaching overbought conditions at 66.62, with their MACD curling upwards looking to bullishly crossover.

Recent trading volumes have been about average, but last week’s candlesticks do not paint the rosiest of outlook pictures.

Most of the price action of the first three sessions of last week was centered around the bottom of each daily candles’ range, except for Tuesday whose real body was the majority of the candle, with small shadows on top & bottom, showing that prices favored being lower.

Thursday’s dragonfly doji followed by Friday’s +1.57% gap up & shooting star candlestick do not signal strength & the window created by the gap will be an interesting place to watch to see if it fills in in the near-term.

FTEC pays a modest 0.69% distribution yield to long-term shareholders, which provides limited cushion against losses, making it important to have some form of insurance using options in order to prevent near-term losses.

FTEC has support at the $128.19 (10 Day Moving Average; Volume Sentiment: Sellers, 1.42:1), $120.07 (Volume Sentiment: Sellers, 2.16:1)$114.81 (Volume Sentiment: Sellers, 1.12:1) & $109.60/share (Volume Sentiment: Buyers, 1.29:1) price levels, with resistance at the $132.02 (Volume Sentiment: Buyers, 1.73:1) & $136.37/share (2022; Volume Sentiment: NULL, 0:0*) price levels.

PAVE, the Global X U.S. Infrastructure Development ETF has added +38.22% over the past year, climbing +41.93% since their 52-week low in July of 2022 (ex-distributions).

Their RSI is overbought at 74.24 & their MACD is bullish, after they spent late-May through June rallying ~14%.

Recent trading volumes have been above average compared to the year prior, confirming the rally in price.

There should be a near-term pullback in price, indicated by both the oscillators & Wednesday & Friday’s dragonfly doji candlesticks.

PAVE’s 0.7% distribution yield is not much in terms of protection against losses, so it would be wise to have an options strategy for loss protection up while waiting to see how they behave around support levels.

PAVE has support at the $30.51 (10 Day Moving Average; Volume Sentiment: Buyers, 0.2:0*), $30.14 (Volume Sentiment: Buyers, 0.2:0*), $29.84 (Volume Sentiment: Buyers, 1.83:1) & $28.46/share (Volume Sentiment: Buyers, 1.63:1) price levels, with no current resistance levels as they are at an all time high.

IDRV, the iShares Self Driving EV & Tech ETF has gained +14.18% over the past year, gaining +28.41% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending towards overbought at 65.85 & their MACD has recently bullishly crossed over.

Recent volumes have been below average compared to the year prior though, signaling that investors are becoming less enthusiastic about IDRV recently.

The 10 day moving average will be an important support level to watch in the coming week, especially once the window that resulted from Friday’s +2.51% gap up session begins to close.

IDRV pays a 1.89% distribution yield for long-term holders, which does not provide much protection against losses, making it important to have some form of an options strategy for insurance along with any open position.

IDRV has support at the $39.93 (Volume Sentiment: Buyers, 1.04:1), $39.53 (10 Day Moving Average; Volume Sentiment: Buyers, 1.04:1), $38.99 (Volume Sentiment: Buyers, 1.11:1) & $38.78/share (Volume Sentiment: Buyers, 1.11:1) price levels, with resistance at the $41.36 (Volume Sentiment: Buyers, 1.25:1), $41.52 (Volume Sentiment: Buyers, 1.25:1), $41.81 (Volume Sentiment: Buyers, 1.25:1) & $43.16/share (Volume Sentiment: Sellers, 1.44:1) price levels.

Regional Banking (KRE), Tail Risk (TAIL), Global Agriculture (FTAG) & China (GXC) Are All Bearishly Lagging The Market

KRE, the SPDR S&P Regional Banking ETF has fallen -28.71% over the past year, losing -40.68% since their 52-week high in August of 2022, but has gained +18.28% since their 52-week low in May of 2023 (ex-distributions).

Their RSI is neutral at 48.62 & their MACD is looking to bullishly crossover in the coming sessions.

Recent trading volumes have been above average compared to the year prior, but Friday’s bearish engulfing candlestick hints at more downside risk on the horizon.

Last Monday kicked off with an inverted hammer candlestick, which signals a bullish reversal, but the top of the shadow will need to remain in tact after Friday’s close came close to it, breaking below the 10 day moving average, but remaining above the 50 day moving average.

KRE does offer a 3.76% distribution yield for long-term holders, but caution should be exercised in the near-term with KRE until they have established an uptrend from support levels.

KRE has support at the $40.28 (50 Day Moving Average; Volume Sentiment: ), $39.38 (Volume Sentiment: ), $38.09 (Volume Sentiment: ) & $35.43/share (Volume Sentiment: ) price levels, with resistance at the $40.90 (Volume Sentiment: ), $40.95 (10 Day Moving Average; Volume Sentiment: ), $41.06 (Volume Sentiment: ) & $41.18/share (Volume Sentiment: ) price levels.

TAIL, the Cambria Tail Risk ETF has declined -20.6% over the past year, losing -24.72% from their 52-week high in July of 2022 & recently added +0.37% to their 52-week low in June of 2023 (ex-distributions).

Their RSI is moving back towards oversold levels at 36.54, as their MACD is on the verge of a bearish crossover.

Recent trading volumes have been below average compared to the year prior, signaling investors are not overly confident in TAIL.

While they offer a 2.85% distribution yield for long-term holders, they’re currently trading at an all-time low, making that limited additional loss cushion still too risky until the price has begun to stabilize & trend back upwards.

TAIL has no current support levels as it is at an all-time low & has resistance overhead at the $13.72 (10 Day Moving Average; Volume Sentiment: ), $14.05 (Volume Sentiment: ), $14.14 (50 Day Moving Average; Volume Sentiment: ) & $14.27/share (Volume Sentiment: ) price levels.

FTAG, the First Trust IndXX Global Agriculture ETF has lost -1.31% over the past year, falling -13.82% from their 52-week high in August of 2022, while improving +4.24% since their 52-week low in July of 2022 (ex-distributions).

Their RSI is neutral at 51.16, with a flat MACD as their price sits between the 10 & 50 day moving averages.

Recent trading volumes have been lighter than average compared to the prior year, as investors are beginning to lack enthusiasm in FTAG’s price movements.

While Friday’s session was a +0.85% gap up, the candle is filled in as the price closed lower than it opened & with the shadow on the bottom of the candle there is still negative sentiment for FTAG.

They offer a 4.5% distribution yield for long-term holders, which does provide some cushion against losses, but it would be best to see which side they breakout & begin trending in in the near-term to mitigate risk.

FTAG has support at the $26.72 (10 Day Moving Average & 2 Touch-points; Volume Sentiment: ), $26.09 (Volume Sentiment: ), $25.44 (Volume Sentiment: ) & $25.43/share (Volume Sentiment: ) price levels, with resistance at the $26.98 (50 Day Moving Average; Volume Sentiment: ), $27.24 (Volume Sentiment: ), $27.32 (Volume Sentiment: ) & $27.33/share (Volume Sentiment: ) price levels.

GXC, the SPDR S&P China ETF has shed -17.51% over the past year, dropping -20.25% since their 52-week high in July of 2022, but has recovered +22.3% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is trending back towards neutral at 45.44, but their MACD is still currently bearish.

Recent volumes have been above average compared to the year prior, but not consistently which still indicates indecision among investors.

Two Friday’s ago closed in a hammer, which was followed by last Monday’s session with a gavestone doji mostly in the same range.

The rest of the week was marked by gappy trading up & down, with a couple of dragonfly dojis midweek, making the range that they were gapping around an interesting level to watch in the near-term.

They offer a 2.94% distribution yield, but investors should wait for them to establish a trend before starting or adding to an existing position.

GXC has support at the $72.78 (Volume Sentiment: ), $72.66 (Volume Sentiment: ), $70.21 (Volume Sentiment: ) & $69.34/share (Volume Sentiment: ) price levels, with resistance overhead at the $73.84 (Volume Sentiment: ), $74.45 (10 Day Moving Average; Volume Sentiment: ), $75.23 (Volume Sentiment: ) & $75.72/share (50 Day Moving Average; Volume Sentiment: ) price levels.

Tying It All Together

Monday kicks off with ISM Manufacturing & Construction Spending data at 10 am before the markets close early for the Fourth of July.

Tuesday the markets will all be closed in observance of Fourth of July.

Wednesday begins with ADP Employment data at 8:15 am, followed by Factory Orders data at 10 am & at 2pm the Minutes of the Fed’s June FOMC Meeting are released.

On Thursday Initial Jobless Claims & the U.S. Trade Deficit data are reported at 8:30 am & at 10 am Job Openings & ISM Services data are set to be reported.

Levi Strauss will report earnings on Thursday.

The week concludes with the U.S. Employment Report, U.S. Unemployment Rate, U.S. Hourly Wages & Hourly Wages Year-over-Year data all coming out at 8:30 am on Friday.

AZZ is set to report earnings on Friday.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, DIA, GREK, FTEC, PAVE, IDRV, KRE, TAIL, FTAG, or GXC AT THE TIME OF PUBLISHING THIS ARTICLE ***

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 ***

SPY, the SPDR S&P 500 ETF gained +0.33% over the past week, as S&P 500 stocks recovered from their early week losses over Thursday & Friday, led by NVIDIA’s strong earnings.

Their RSI is still on the overbought end of neutral at 59.79, with volumes being about average compared to the year prior.

Their MACD has been in limbo for the last few weeks while they’ve been relatively rangebound, as investors are still unsure about which direction the market is going to head in in the near-term.

SPY has support at the $416.72 (Volume Sentiment: Sellers, 1.33:1), $415.50 (10 day moving average, Volume Sentiment: Buyers 3:1), $410.48 (Volume Sentiment: Sellers, 1.57:1) & $408.90/share (50 day moving average, Volume Sentiment: Sellers, 1.57:1), with resistance at the $426.37 (Volume Sentiment: Sellers, 1.24:1), $438.53 (Volume Sentiment: Sellers, 1.32:1), $442.12 (Volume Sentiment: Sellers, 1.35:1)& $449.09/share (Volume Sentiment: Buyers, 1.89:1) price levels.

QQQ, the Invesco QQQ Trust ETF gained +3.53% over the past week, as investors favored Technology names after the NVDA earnings news, causing a gap up on Thursday’s session, after gapping done the session prior.

Volumes remained relatively average compared to the year prior, with their RSI being in overbought territory at 74.35.

Their MACD is bullish, with their 10 day moving average closing in on the price range that they ended the week prior in to act as support.

QQQ has support at the $334.96 (10 day moving average, Volume Sentiment: Sellers, 3.2:1), $332.51 (Volume Sentiment: Sellers, 3.2:1), $320.20 (Volume Sentiment: Sellers, 2:1) & $313.19/share (Volume Sentiment: Sellers, 3.64:1) price levels, with resistance overhead 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*)

IWM, the iShares Russell 2000 ETF gained +0.02% over the past week, finishing just above where it closed on last Friday.

Their RSI is neutral at 51.89, with volumes increasing week-over-week to be above average compared to the year prior.

Their MACD looks set to cross over bearishly in the coming days & their 10 & 50 day moving averages are both within Friday’s session’s candlestick.

IWM has support at the $175.83 (Volume Sentiment: Buyers, 1.45:1), $175.81 (10 day moving average; Volume Sentiment: Buyers, 1.45:1), $175.77 (Volume Sentiment: Buyers, 1.45:1) & $175.13/share (Volume Sentiment: Buyers, 1.45:1) price levels, with resistance at the $179.33 (200 day moving average, Volume Sentiment: Buyers, 1.84:1), $179.78 (Volume Sentiment: Buyers, 1.84:1), $180.53 (Volume Sentiment: Sellers, 1.09:1) & $184.07/share (Volume Sentiment: Buyers, 1.75:1) price levels.

Let’s dive into some of the best & worst performing market sectors, industries & geo-locations in this week’s technical analysis rating review!

NASDAQ Technology Dividend (TDIV), Japanese Hedged Equities (DXJ), Emerging Market Dividend (EDIV) & Autonomous & Electric Vehicles (DRIV) Are All Bullishly Leading The Market

TDIV, the First Trust NASDAQ Technology Dividend Fund has gained +0.59% over the past year, with a +32.73% rebound after their 52-week low in September of 2022 (ex-distributions).

Their RSI is approaching overbought territory at 65.58, on about average volume compared to the year prior.

Their MACD is bullishly climbing, with Friday’s gap up adding strength to its bullish curve.

Given market volatility & that they’re approaching their 52-week high level, investors would be smart to watch how they behave around their resistance & support levels, while eyeing where to enter a position once volatility has cooled down.

In the meantime, a protective options strategy would be beneficial, as their 2.10% distribution yield for long-term holders does not protect against much in the event of price consolidation.

TDIV has support at the $54.41 (Volume Sentiment: Sellers, 1.5:1), $54.29 (Volume Sentiment: Sellers, 1.5:1), $53.65 (Volume Sentiment: Buyers, 1.36:1) & $53.44/share (10 day moving average; Volume Sentiment: Buyers, 1.36:1) price levels, with resistance at the $55.41 (Volume Sentiment: Buyers, 1.25:1), $57.10 (Volume Sentiment: Buyers, 1.67:1), $57.12 (Volume Sentiment: Buyers, 1.67:1) & $59.19/share (Volume Sentiment: Buyers, 2:1) price levels.

DXJ, the WisdomTree Japan Hedged Equity Fund has gained +24.44% over the past year, climbing +25.55% since their 52-week low in July of 2022 (ex-distributions).

They have been on a relatively steady ascent since March 2023, with exception to one week in April.

DXJ’s RSI is approaching overbought at 67.8, but recent volumes have been roughly average compared to the year prior, signaling investors have confidence.

Their MACD is beginning to curl down bearishly, after Tuesday & Wednesday’s sessions produced losses for the ETF.

DXJ is at the highest price level in its history, making caution imperative to investors.

With a 3.33% distribution yield for long-term holders there is some protection against losses, but an options strategy such as selling calls or buying puts would be advisable while waiting to see how they behave at their support levels upon consolidation.

DXJ has support at the $76.21 (10 day moving average), $73.76, $72.67, $72.04/share (50 day moving average) price levels, with no overhead resistance, as they are at their all time high price level.

As the charts below show, there is very limited volume data at these levels.

EDIV, the SPDR S&P Emerging Markets Dividend ETF has improved +4.05% over the past year, gaining +27.37% since their 52-week low in November of 2022 (ex-distributions).

Their RSI is on the overbought end of neutral at 56.86, but volumes sunk towards the end of the week into below average levels compared to the year prior, signaling uncertainty & caution among investors.

Their MACD is currently bearish, as a result of Tuesday’s gap down & Wednesday’s losing session.

EDIV offers a 4.4% distribution yield for long-term holders, but given the uncertainty in their volume & Friday’s gap up whose candlestick closed lower than it opened, there is a need to have insurance protection in the near-term, while watching their behavior around support levels.

EDIV has support at the $27.38 (Volume Sentiment: Buyers, 1.26:1), $27.14 (Volume Sentiment: Buyers, 1.26:1), $26.85 (Volume Sentiment: 1.06:1) & $26.67/share (50 day moving average; Volume Sentiment: 1.06:1) price levels, with resistance at the $27.84 (Volume Sentiment: Buyers, 1.26:1), $28.46 (Volume Sentiment: Sellers, 1.08:1), $28.58 (Volume Sentiment: Sellers, 1.08:1) & $28.64/share (Volume Sentiment: Sellers, 1.08:1) price levels.

DRIV, the Global X Autonomous & Electric Vehicles ETF has fallen -4.05% over the past year, but has recovered +25.54% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is approaching oversold territory as it climbed over 60 in Friday’s session, with volumes coming in at about average level.

Their MACD is still bullish due in part to Friday’s +2.46% session, as they look to retest the $23.74/share price level.

With a modest 1.04% distribution yield for long-term holders, there is not much cushion against losses, making an insurance policy essential while waiting to see how they fare in the near-term.

DRIV has support at the $23.62 (Volume Sentiment: Buyers, 1.45:1), $23.35 (Volume Sentiment: Buyers, 1.45:1), $23.25 (10 day moving average; Volume Sentiment: Buyers, 1.45:1), $23.09/share (Volume Sentiment: Buyers, 1.45:1) price levels, with resistance at the $23.84 (Volume Sentiment: Buyers, 1.45:1), $23.85 (Volume Sentiment: Buyers, 1.45:1), $24.29 (Volume Sentiment: Buyers, 1.87:1) & $24.94/share (Volume Sentiment: Buyers, 1.87:1) price levels.

South Africa (EZA), Base Metals (DBB), China (GXC) & Retail (XRT) Are All Bearishly Lagging The Market

EZA, the iShares MSCI South Africa ETF has lost -18.74% over the past year, falling -23.76% since their 52-week high in May of 2022 & has recovered +5.28% since their 52-week low in October of 2022 (ex-distributions).

Their RSI just exited official oversold territory & currently sites at 30.46, but very timid below average volume last week is signaling that there is still uncertainty among investors regarding their near-term performance prospects, which is confirmed by Friday’s doji candlestick.

Their MACD is still in a bearish downtrend, which became steeper after Thursday’s gap down session, where they’ll try to hold $37.20/share at support.

Despite a 4.41% cushion for long-term holders in the form of a distribution yield, a wait & see approach appears best while watching how EZA behaves at its support levels in the coming weeks, unless you are holding an insurance position with options as a hedge.

EZA has support at the $37.20 (Volume Sentiment: Sellers, 1.33:1), $36.47 (Volume Sentiment: 2.72:1), $35.35 (Volume Sentiment: 1.5:1) & $35.08/share (Volume Sentiment: 1.5:1) price levels, with resistance at the $37.72 (Volume Sentiment: Sellers, 1.33:1), $37.91 (Volume Sentiment: Sellers, 1.33:1), $38.43 (Volume Sentiment: Sellers 1.1:1) & $38.59/share (Volume Sentiment: Sellers 1.1:1) price levels.

DBB, the Invesco DB Base Metals Fund ETF has fallen -21.82% over the past year, losing -24.19% since their 52-week high in June of 2022, but has reclaimed +3.05% since their 52-week low in May of 2023 (ex-distributions).

Their RSI has just recovered from oversold territory & is currently at 37.65 & their MACD has smoothed & looks to cross over bullishly in early next week after Friday’s gap up of +2.46%.

Volumes have been very low compared to average this past week, as investors will see how they feel about the $17.40-17.93 price range, with the current signal being uncertainty.

DBB’s modest 1.02% distribution yield for long-term holders provides limited downside protection, making it wisest to wait to see how their support levels hold up, with some type of hedge against possible poor performance.

DBB has support at the $17.51 (Volume Sentiment: Sellers, 1.06:1), $17.40 (Volume Sentiment: Sellers, 1.09:1), $17.31 (Volume Sentiment: Sellers, 1.09:1) & $17.27/share (Volume Sentiment: Sellers, 1.09:1) price levels, with resistance at the $18.10 (10 day moving average; Volume Sentiment: Buyers, 1.2:1), $18.15 (Volume Sentiment: Buyers, 1.2:1), $18.58 (Volume Sentiment: Buyers, 1.15:1) & $18.86/share (Volume Sentiment: Buyers, 1.15:1) price levels.

GXC, the SPDR S&P China ETF has shed -9.21% over the past year, declining -21.39% from their 52-week high in June of 2022, but has reclaimed +22.85% since their 52-week low in October of 2022 (ex-distributions).

Their MACD is still in bearish descent, despite their RSI spiking after Friday’s +1.5% session to settle at 36.66.

Volumes has been above average the last 3 sessions, with Friday’s session attempting to fill in the gap down caused by Thursday’s session.

GXC offers a 2.84% distribution yield for long-term shareholders, which provides a slight cushion against losses, but they do not appear to be out of the woods just yet, as investors should be eyeing where to target an entry in less volatile markets.

GXC has support at the $73.55 (Volume Sentiment: Sellers, 36:1), $72.46 (Volume Sentiment: Buyers, 2.75:1), $70.08 (Volume Sentiment: Buyers, 4.73:1) & $69.21/share (Volume Sentiment: Sellers, 2:1) price levels, with resistance at the $74.63 (Volume Sentiment: Buyers, 4.33:1), $76.03 (Volume Sentiment: Sellers, 36:1), $76.23 (10 day moving average; Volume Sentiment: Sellers, 36:1) & $76.71/share (Volume Sentiment: Sellers, 36:1) price levels.

XRT, the SPDR S&P Retail ETF has lost -16.06% over the past year, losing -22.41% since their 52-week high in April of 2022, while climbing back +11.19% from their 52-week low in September of 2022 (ex-distributions).

Their RSI climbed to 38.22 after Friday’s +0.83% session, which had higher than average volume.

Their MACD is still bearish, but is flatting out to attempt a bullish cross in the coming week.

XRT’s 2.41% distribution yield is a small cushion against potential losses, but unless you’re hedging against a position there is still more risk than worth taking here, but eyeing their behavior at support will give clues as to what levels to buy at when markets have calmed down.

XRT has support at the $58.01 (Volume Sentiment: Sellers, 2.9:1), $57.61 (Volume Sentiment: Sellers, 1.93:1), $57.28 (Volume Sentiment: Sellers, 1.93:1) & $56.44/share (Volume Sentiment: Sellers, 20:1) price levels, with resistance overhead at the $58.60 (Volume Sentiment: Sellers, 2.9:1), $58.80 (Volume Sentiment: Sellers, 2.9:1), $58.97 (Volume Sentiment: Sellers, 2.9:1) & $59.19/share (Volume Sentiment: Sellers, 1.47:1) price levels.

Tying It All Together

Monday the markets will be closed in observance of Memorial Day, so there will be no data being reported, nor earnings reports; thank you to all readers who have served our country.

Tuesday’s data kicks off with the S&P Case-Schiller Home Price Index (20 cities) at 9 am, followed by Consumer Confidence at 10 am & Richmond Fed President Barkin speaking at 1pm.

Tuesday’s earnings include Ambarella, Box, Canopy Growth, Hewlett Packard Enterprise, HP & Sportsman’s Warehouse.

ADP Employment data is reported Wednesday at 8:15 am, followed by the Chicago Business Barometer at 9:45 am, Job Openings at 10 am, Philadelphia Fed President Patrick Harker speaking at 12:30 pm & the Federal Reserve Beige Book at 2pm.

Salesforce is the most anticipated earnings call on Wednesday, along with Advanced Auto Parts, C3.ai, Chewy, Conn’s, CrowdStrike, GameStop, NetApp, Nordstrom, Victoria’s Secret & others.

Thursday at 8:30 am we get Initial Jobless Claims & U.S. Productivity data, with IS&P U.S. Manufacturing PMI data at 9:45 am, ISM Manufacturing & Construction Spending data at 10 am & Philadelphia Fed President Patrick Harker speaking at 1pm.

Thursday’s earnings calls include Broadcom, Lululemon Athletica, Cooper, Dell Technologies, Dollar General, Five Below, Hormel Foods, Macy’s, MongoDB, VMware & more.

Friday the week winds down at 8:30 am when we get U.S. Employment Report, U.S. Unemployment Rate, U.S. Hourly Wages & Hourly Wages Year-Over-Year reported, with limited earnings calls being held.

See you back here next week!

*** I DO NOT OWN SHARE OR OPTIONS CONTRACT POSITONS IN SPY, QQQ, IWM, TDIV, DXJ, EDIV, DRIV, EZA, DBB, GXC or XRT AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF gained +1.71% over the past week, as investors tried to sort through the results of earnings calls, changes in companies’ guidance, the fallout of the bank failure issues, future inflation curbing measures from the Fed & the U.S. Debt Ceiling debacle.

After starting the week off in the same consolidation range as last week, Wednesday & Thursday’s sessions showed signs of optimism from investors, with Friday’s session bringing SPY back to reality a bit after two strong days.

Their RSI is on the overbought end of neutral at 60.83, with last week’s volumes starting off below average compared to the year prior, before increasing Wednesday through Friday.

Their MACD is currently bullish, but Monday’s session will provide more technical insights into which direction they are likely to go in for the next week, as Monday’s session has to the potential to create a Dark Cloud Cover pattern, which would be a bearish signal to kick off the week.

SPY has support at the $416.72 (Volume Sentiment: Sellers, 1.33:1), $413.66 (Volume Sentiment: Buyers, 3:1), $410.48 (Volume Sentiment: Sellers, 1.57:1) & $407.06/share (Volume Sentiment: Sellers, 1.9:1) price levels, with resistance at the $426.37 (Volume Sentiment: Sellers, 1.24:1), $438.53 (Volume Sentiment: Sellers, 1.32:1), $442.12 (Volume Sentiment: Sellers, 1.35:1) & $449.09/share (Volume Sentiment: Buyers, 1.89:1) price levels.

QQQ, the Invesco QQQ Trust ETF jumped +3.53% over the past week, as investors showed favor to the tech-heavy NASDAQ index vs. the S&P 500 & Russell 2000.

Their day-by-day results were quite similar to SPY’s, although Monday & Tuesday were both days of slight gains that remained in last week’s consolidation range, before Wednesday & Thursday’s major bullish sessions & Friday’s spinning top candlestick.

QQQ’s RSI is overbought at 71.36 & their past week’s volume followed a similar pattern to SPY’s.

Their MACD is also currently bullish, but beginning to show signals of rolling over bearishly in the coming days.

QQQ has support at the $332.51 (Volume Sentiment: Sellers, 3.2:1) , $328.05 (10 day moving average; Volume Sentiment: Sellers, 1.8:1), $315.99 (50 day moving average; Volume Sentiment: Sellers, 3.64:1) & $312.16/share (Volume Sentiment: Sellers, 3.64:1) price levels, with resistance at the $346.78 (Volume Sentiment: Buyers, 1.31:1), $368.99 (Volume Sentiment: Buyers, 0.75:0*), $375.07 (Volume Sentiment: Sellers, 1:0*) & $378.49/share (Volume Sentiment: Buyers, 1.33:1) price levels.

IWM, the iShares Russell 2000 ETF gained +1.96% over the past week, as investors showed more favor to smaller cap stocks than the S&P 500 index, but still were not able to perform as strongly as the NASDAQ names.

They too kicked off the first two days of the week in the same range as last week, before Wednesday & Thursday produced big gains, which were brought back to reality during Friday’s session.

Their RSI is neutral at 52.69, with volumes becoming above average compared to the year prior from Wednesday through Friday of this past week.

Their MACD is also bullish, but beginning to signal that it may roll over bearishly in the coming sessions.

IWM has support at the $175.83 (Volume Sentiment: Buyers, 1.45:1) , $175.77 (Volume Sentiment: Buyers, 1.45:1), $174.71 (Volume Sentiment: Buyers, 1.45:1) & $174.70/share (50 day moving average; Volume Sentiment: Buyers, 1.45:1 ) price levels, with resistance at the $179.65 (200 day moving average; Volume Sentiment: Buyers, 1.84:1), $179.78 (Volume Sentiment: Buyers, 1.84:1), $184.07 (Volume Sentiment: Buyers, 1.75:1) & $185.95/share (Volume Sentiment: Buyers, 1.75:1) price levels.

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

Semiconductors (SOXL), Argentina (ARGT), Germany (EWG) & Telecommunication Services (FCOM) Are All Bullishly Leading The Market

SOXL, the Direxion Daily Semiconductor Bull 3x Shares ETF has fallen -13.76% over the past year, but has recovered a remarkable +180.03% from their 52-week low in October of 2022 (ex-distributions).

They had a very strong week last week, climbing +23.33% during the course of the past five trading sessions.

Their RSI is nearing overbought at 65.33 & recent trading volumes have been below average compared to the year prior, signaling that investors & traders still are feeling uncertain as to where they value SOXL’s shares.

Their MACD is bullish, with their 10 day moving average poised to cross bullishly through their 50 day moving average in the next trading session.

Given their technicals & broader market volatility, it would be wisest to watch their behavior around their support levels, while using a defensive options strategy as insurance, as their 0.7% distribution yield for long-term holders does not provide much cushion against losses.

SOXL has support at the $16.77, $16.51, $16.44 & $15.46/share (50 day moving average) price levels, with resistance at the $17.49, $17.56, $17.80 & $18.34/share price levels.

ARGT, the Global X MSCI Argentina ETF has gained +41.58% over the past year, posting a +75.01% gain since their 52-week low in July of 2022 (ex-distributions).

Their last two sessions have had hanging man/spinning top candlesticks, which is signaling a bearish near-term outlook for ARGT.

Their MACD is signaling a bearish crossover is imminent & their RSI is bearishly moving back towards the neutral point of 50.

Trading volumes for the first three sessions of the week looked above/about average compared to the year prior, but the last two sessions produced limited volume, signaling caution among investors on ARGT.

While they provide a 2.04% distribution yield for long-term holders, a defensive options strategy such as buying puts or selling calls would be wiser than entering a long position now, while waiting to see how their price behaves around their support levels in the near-term.

ARGT has support at the $40.70 (10 day moving average), $40.64, $40.50 & $38.99/share (50 day moving average) price levels, with resistance at the $40.80, $41.59, $41.77 & $41.96/share price levels.

EWG, the iShares MSCI Germany ETF has improved +15.8% over the past year, climbing +51.52% since their 52-week low in September of 2022 (ex-distributions).

Their MACD is currently bearish, but moving towards a bullish crossover in the coming sessions, but a shooting star candlestick from Friday’s session shows that there may be a consolidation coming in the near-term.

Their RSI is on the overbought end of neutral at 57.36, and recent trading volumes have been below average, confirming that uncertainty that investors are feeling regarding their share price.

EWG offers a 2.73% distribution yield for long-term holders which will provide some cushion against losses, but trading options around their current price levels will provide a better form of insurance while waiting to see how they behave at key support levels in the near-term.

EWG has support at the $29.08 (10 day moving average), $28.91, $28.49 (50 day moving average) & $28.20/share price levels, with resistance at the $29.56, $29.86, $30.26 & $30.84/share price levels.

FCOM, the Fidelity MSCI Telecommunication Services Index ETF has gained +1.72% over the past year, climbing +28.37% from their 52-week low in November of 2022 (ex-distributions).

Friday’s session has caused their MACD to begin taking a turn towards a bearish crossover in the coming sessions, but this past week’s volume was also subpar compared to the year prior.

Their RSI is moving back towards neutral from a more overbought position earlier in the week.

Their modest 0.89% distribution yield will not provide much protection against losses, making an options strategy the best bet while waiting to see where to enter a long-term position.

FCOM has support at the $37.89, $37.47, $37.35 (10 day moving average) & $37.16/share price levels, with resistance at the $38.39, $39.35, $39.50 & $40.73/share price levels.

Regional Banking (KRE), Clean Energy (PBW), Metals & Mining (XME) & Turkey (TUR) Are All Bearishly Lagging The Market

KRE, the SPDR S&P Regional Banking ETF has lost -32.8% over the past year, losing -43% from their 52-week high in August of 2022, but recovering +13.59% from their 52-week low in May of 2023 (ex-distributions).

After a small rebound early in the week, an ominous hanging man candle concluded the week on both Thursday & Friday, signaling that investors are not feeling optimistic on their share price in the near-term.

Their MACD is bullish, but beginning to curl over bearishly & their RSI bounced off of neutral earlier in the week, but has begun bearishly declining again.

While volumes are above average compared to the year prior, they are below average for the last few months, which is when regional banks began to get in trouble, showing more uncertainty among investors.

KRE offers a 3.81% distribution yield, which is a decent cushion against losses for long-term holders, but any position should be accompanied by an options strategy in the near-term, as we wait to see how these banks fare.

KRE has support at the $37.79 (10 day moving average), $35.76 & $34.52/share price levels, with resistance at the $41.28, $41.44, $41.57 & $41.84/share (50 day moving average) price levels.

PBW, the Invesco WilderHill Clean Energy ETF has fallen -24.88% over the past year, losing -44.85% since their 52-week high in August of 2022, while recovering +6.65% since their 52-week low in May of 2023 (ex-distributions).

Their MACD is signaling that momentum is being lost, with their RSI beginning to bearishly decline after crossing over the neutral 50 mark recently.

All of their candles for the past week have been consolidated in a tight range, with very weak volume, signaling that investors are still not confident in their price level.

Their 5.2% distribution yield is a decent cushion for long-term holders, but investors would be wise to wait & see how they behave at their existing support levels before buying long shares, unless they are employing an insurance policy using options.

PBW has support at the $35.73 & $33.67/share price levels, with resistance at the $35.95, $36.11, $36.53 & $36.87 (50 day moving average) price levels.

XME, the SPDR S&P Metals & Mining ETF has dropped -5.26% over the past year, losing -20.7% since their 52-week high in March of 2023, but has recovered +17.95% since their 52-week low in July of 2022 (ex-distributions).

After a recent death cross last week, their MACD has been unable to manage a bullish crossover & has moved relatively flat for the past couple of weeks.

Their RSI is moving towards the oversold level of 30, with recent trading volumes being about average compared to the year prior.

Their price has spent the past week consolidated in a narrow range, signaling uncertainty among investors.

XME offers a 1.98% distribution yield for long-term holders, but that provides limited insurance against losses, calling for a defensive options strategy to be in place while waiting out to see how their support levels hold up in the near-term.

XME has support at the $46.33, $46.08, $45.12 & $43.07/share price levels, with resistance at the $47.04, $47.12, $47.25 & $47.69/share (10 day moving average) price levels.

TUR, the iShares MSCI Turkey ETF has gained +50.1% over the past year, including a +66% gain since their 52-week low in July of 2022, but has fallen -22.92% since their 52-week high achieved in the first trading session of 2023 (ex-distributions).

Their MACD is bearish, as is their RSI which is trending its way back towards the oversold mark at 30.

Recent trading volumes have been above average compared to the year prior, signaling that investors think that their price level is valued below their two day gap up range that they tried to establish earlier in May.

With a 2.48% cushion for protection against losses from their distribution yield, there are other gaps that need to be filled in the near-term that support levels may not be able to protect.

TUR has support at the $29.41, $29.35, $29.24 & $29.09/share price levels, with resistance at the $30.35 (200 day moving average), $30.76 (10 day moving average), $31.07 & $31.80/share price levels.

Tying It All Together

This week is relatively quiet on the data front until Friday, compared to prior weeks in terms of the number of announcements.

Monday morning at 8:30 am St. Louis President James Bullard speaks, followed by San Francisco Fed President Mary Daly at 11 am & Atlanta Fed President Bostic & Richmond Fed President Barkin speaking at 11:05 am.

Monday’s earnings calls include Global-E Online, HEICO, Nordson & Zoom Video Communications.

Dallas Fed President Lorie Logan speaks at 9 am on Tuesday, followed by S&P Flash U.S. Services PMI & S&P Flash U.S. Manufacturing PMI data at 9:45 am & New Home Sales data at 10 am.

Lowe’s Agilent, AutoZone, BJ’s Wholesale, Dick’s Sporting Goods, Intuit, Palo Alto Networks, Toll Brothers, Urban Outfitters, Williams-Sonoma & others will report earnings on Tuesday.

On Wednesday Fed Governor Waller speaks at 12:40 pm & at 2pm the Fed’s May FOMC Minutes are released.

Wednesday’s earnings calls include Nvidia, Abercrombie & Fitch, Digital Turbine, Kohl’s, Petco Health & Wellness, Snowflake, Splunk, The Children’s Place & more.

Thursday morning kicks off at 8:30 am with the GDP (second reading) & Initial Jobless Claims data, followed up with Richmond Fed President Barkin speaking at 9:50 am & at 10 am the Pending Home Sales data being reported.

Dollar Tree, 23andMe, Best Buy, Burlington Stores, Costco Wholesale, Deckers Outdoor, Gap, Manchester United, Nutanix, Pinduoduo, Ralph Lauren, Royal Bank of Canada, Titan Machinery, Toronto-Dominion Bank, Ulta Beauty, WMware, Workday & many other names will report earnings on Thursday.

Friday morning at 8:30 am we get the bulk of the week’s data reports, which include Durable-goods Orders, Durable-goods Minus Transportation, Person Income (nominal), Personal Spending (nominal), PCE Index, Core PCE Index, PCE (Y-o-Y), Core PCE (Y-o-Y), Advanced U.S. Trade Balance in Goods, Advanced Retail Inventories & Advanced Wholesale Inventories, with Consumer Sentiment (final) data coming in at 10 am.

Friday’s earnings calls conclude with Big Lots, Booz Allen Hamilton, Buckle & Hibbett reporting.

See you back here next week!

***I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, SOXL, ARGT, EWG, FCOM, KRE, PBW, XME or TUR AT THE TIME OF PUBLISHING THIS ARTICLE***

On Friday afternoon I found myself at happy hour, pen in hand, modeling out volume data on some of my holdings & hedges.

I was mostly interested in seeing how the volume has been at their support & resistance levels, as well as at & around the strike prices of my options contracts, which led me to the idea of doing the same exercise (in Excel this time) for ETFs that track the major stock indexes.

The methodology is relatively simple (feel free to skip ahead to the data in the next heading section if this portion is not of interest); first, look at the Point & Figure charts’ time horizons & match the candlestick charts to the closest time period (based on my account permissions), then find the resistance & support levels on the candlestick charts for said time period.

After, using the Volume By Price layover data on the Point & Figure charts, I looked at the Buyer vs. Seller Volume at each price level & recorded the volume trends for each price level’s relevant box as a ratio & applied the data to the individual support/resistance/strike prices (my notebook exercise had more layers of relevant detail & indicators to my specific trades, but this is what is being used in the following article).

Below I apply that methodology to SPY, the SPDR S&P 500 ETF, QQQ, the Invesco QQQ Trust ETF which tracks the NASDAQ, IWM, the iShares Russell 2000 ETF & DIA, the SPDR Dow Jones Industrial Average ETF to see how investor sentiment is at all of these levels throughout this relatively sideways market period to see what additional insights of value it can provide towards future market performance.

Those ETFs were chosen due to their coverage of the major U.S. market indexes, but the methodology can be applied to other securities as well, with further customizations.

The data & tables presented below are meant to serve as a reference guide to trader/investor sentiment for each price level being presented.

Please note that some of the observed data may not be complete/was unable to be accounted for (most likely due to sampling), leading to some ratio figures that are unconventional, which are all marked with a “*” & can be referenced in any of the images that accompany each section.

The following is meant to serve as a reference to how market participants have behaved historically at these price levels & is neither investment advice nor recommendations of any kind.

SPY, The S&P 500 ETF’s Volume Analysis At Support & Resistance Points

SPY, the ETF that is most often referred to for tracking the returns of the S&P 500’s Point & Figure Chart is below, showing the volume overlays along with the 10 & 50 day moving averages & support lines for a period of roughly the past 2 years.

As the chart goes back ~2 years, I selected the 2 year SPY candlestick chart as well to make them match as closest as possible, given the limitations of the toolset that I was using, where we are able to see the support & resistance levels for that time period, as well as the moving averages & other indicator data.

SPY closed on Friday 5/12/2023 at $411.49/share, which would place it in the Point & Figure percentage box range for the $408/share price level.

At $408/share over the past year, SPY’s volume has favored the Sellers by 1.57:1 (I counted the boxes by hand/estimated the fraction of boxes, this did not come from raw data).

The $412/share box covers all prices that go from $412.00-$415.99, where Buyers are dominating the volume 3:1, which is one of the 5 strongest price levels in terms of their ratio.

The $404/share box covers $404-$407.99 SPY prices, where the Sellers are favored 1.90:1, before from $400 down to $392 the Buyers are back in control historically for the time period covered (1.133:1, 1.45:1 & 1.87:1, respectively), before the Sellers take back over from $388 down until $364.

SPY’s current closest Resistance Levels for the time period, as well as their volume ratings are below:

$412.47 – Buyers – 3:1

$416.49 – Sellers – 1.33:1

$416.72 – Sellers – 1.33:1

$417.62 – Sellers – 1.33:1

$426.37 – Sellers – 1.24:1

$438.53 – Sellers – 1.32:1

$442.12 – Sellers – 1.35:1

$449.09 – Buyers – 1.89:1

$454.37 – Sellers – 1.25:1

$462.58 – Buyers – 1.5:0*

$470.52 – Buyers – 3.33:1

SPY’s Support Levels within that time period are below (BOLD denotes a moving average):

$411.24 – Sellers – 1.57:1 (10 DMA)

$410.48 – Sellers – 1.57:1

$407.06 – Sellers – 1.9:1

$406.62 – Sellers- 1.9:1

$404.42 – Sellers – 1.9:1 (50 DMA)

$402.55 – Buyers – 1.13:1

$394.15 – Buyers – 1.87:1 (200 DMA)

$388.28 – Sellers – 1.5:1

$379.20 – Sellers – 1.63:1

$374.20 – Sellers – 1.37:1

$373.34 – Sellers – 1.37:1

$366.43 – Sellers – 3.71:1

$357.67 – Sellers – 2.2:0*

$345.2 – NULL – 0:0*

SPY’s Point & Figure price levels are listed below, with their respective volume sentiment:

$472 – NULL – 1:1

$468 – Buyers – 3.33:1

$464 – Sellers – 3.33:1

$460 – Buyers – 1.5:0*

$456 – Buyers – 1.53:1

$452 – Sellers – 1.25:1

$448 – Buyers – 1.89:1

$444 – Buyers – 1.14:1

$440 – Sellers – 1.35:1

$436 – Sellers – 1.32:1

$432 – Buyers – 4.25:1

$428 – Sellers – 1.56:1

$424 – Sellers – 1.24:1

$420 – Sellers – 1.30:1

$416 – Sellers – 1.33:1

$412 – Buyers – 3:1

$408 – Sellers – 1.57:1

$404 – Sellers – 1.90:1

$400 – Buyers – 1.13:1

$396 – Buyers – 1.45:1

$392 – Buyers – 1.87:1

$388 – Sellers – 1.5:1

$384 – Sellers – 2.38:1

$372 – Sellers – 1.37:1

$380 – Sellers – 2.14:1

$376 – Sellers – 1.63:1

$368 – Sellers – 1.91:1

$364 – Sellers – 3.71:1

$360 – NULL – 3:3

$356 – Sellers – 2.2:0*

$352 – Sellers – 3:0*

$348 – NULL 0:0*

$344 – NULL – 0:0*

QQQ, the Invesco QQQ Trust, Tracking The NASDAQ ETF’s Volume Analysis At Support & Resistance Points

The QQQ ETF is often used as a proxy for the performance of the NASDAQ index & closed at $325.03/share on Friday 5/12/2023.

Their Point & Figure chart was closer to a year & a half, so a two year candlestick chart was selected in order to observe their support & resistance levels.

At $325.03, QQQ is currently in the $324/share box range, which for the past year & a half has been dominated by Buyers, at a rate of 5.3:1.

The neighboring $328/share box is a Sellers range at 1.8:1, and the neighboring 3 higher levels have also been dominated by Sellers in this time period (3.2:1, 1.69:1 & 1.2:1), with the $320/share box also being a Sellers range at a rate of 2:1.

QQQ’s Resistance Levels For The Past Two Years & Their Volume Sentiment:

$331.19 – Sellers – 1.8:1

$332.51 – Sellers – 3.2:1

$346.78 – Buyers – 1.31:1

$368.99 – Buyers – 0.75:0*

$375.07 – Sellers – 1:0*

$378.49 – Buyers – 1.33:1

$401 – NULL – 0:0*

$404.58 – NULL – 0:0*

QQQ’s Support Levels for that time period are below (BOLD denotes moving average level):

$321.96 – Sellers – 2:1 (10 DMA)

$315.44 – Sellers – 3.64:1

$313.19 – Sellers – 3.64:1

$312.50 – Seller s- 3.64:1 (50 DMA)

$312.16 – Sellers – 3.64:1

$309.30 – Buyers – 1.55:1

$294.88 – Buyers – 1.14:1

$294.59 – Buyers – 1.14:1

$294.13 – Buyers – 1.14:1 (200 DMA)

$284.75 – Sellers – 1.87:1

$283.06 – Buyers – 1.79:1

$278.07 – Sellers – 1.72:1

$259.33 – Sellers – 2.25:0*

$258.06 – Sellers – 2.25:0*

$253.26 – NULL – 0:0*

QQQ’s Point & Figure price levels are listed below, with their respective volume sentiment:

$404 – NULL – 0:0*

$400 – NULL – 0:0*

$396 – Sellers – 1.43:1

$392 – Sellers – 1.2:1

$388 – Buyers – 0.75:0*

$384 – Sellers – 4:1

$380 – Sellers – 2.69:1

$376 – Buyers – 1.33:1

$372 – Sellers – 1:0*

$368 – Buyers – 0.75:0*

$364 – Sellers – 1.16:1

$360 – Buyers – 2.5:1

$356 – Sellers – 2:1

$352 – Buyers – 1.67:1

$348 – NULL – 1:1

$344 – Buyers – 1.31:1

$340 – Sellers – 1.2:1

$336 – Sellers – 1.69:1

$332 – Sellers – 3.2:1

$328 – Sellers – 1.8:1

$324 – Buyers – 3.5:1

$320 – Sellers – 2:1

$316 – Buyers – 1.24:1

$312 – Sellers – 3.64:1

$308 – Buyers – 1.55:1

$304 – Buyers – 1.03:1

$300 – Sellers – 2.22:1

$296 – Buyers – 2.97:1

$292 – Buyers – 1.14:1

$288 – Sellers – 1.77:1

$284 – Sellers – 1.87:1

$280 – Buyers – 1.79:1

$276 – Sellers – 1.72:1

$272 – Buyers – 1.05:1

$268 – Sellers – 1.72:1

$264 – 1.33:1

$260 – Sellers – 2.5:1

$256 – Sellers – 2.25:0*

$252 – NULL – 0:0*

IWM, the iShares Russell 2000 ETF’s Volume Analysis At Support & Resistance Points

IWM, the ETF commonly used as a proxy for the performance of the Russell 2,000 small cap stocks had roughly a year & a half chart when I loaded their Point & Figure data, calling for a two year chart for the candlestick resources.

IWM closed at $172.72/share on Friday 5/12/2023, placing it in the $172/share box, which is currently dominated by the Sellers at a rate of 1.47:1.

The next box above IWM’s current price level is $174, which has been won by the Buyers at a rate of 1.45:1 over the past 2 years, with their next leg lower being the $170 range, which has also been a Seller dominated zone at a rate of 2.17:1 in that time period.

IWM’s Resistance Levels For The Past Two Years & Their Volume Sentiment (BOLD denotes moving averages):

$173.20 – Sellers – 1.47:1 (10 DMA)

$174.71 – Buyers – 1.45:1

$175.77 – Buyers – 1.45:1

$175.79 – Buyers – 1.45:1 (50 DMA)

$179.78 – Buyers – 1.84:1

$179.90 – Buyers – 1.84:1 (200 DMA)

$184.56 – Buyers – 1.75:1

$187.32 – Buyers – 1.91:1

$187.89 – Buyers – 1.91:1

$188 – Sellers – 1.19:1

$188.45 – Sellers – 1.19:1

$198.53 – Buyers – 1.5:1

$199.29 – Buyers – 1.5:1

$201.63 – Buyers – 2.27:1

$204.07 – Buyers – 1.5:1

$205.03 – Buyers – 1.5:1

$205.31 – Buyers – 1.5:1

$205.67 – Buyers – 1.5:1

$206.19 – Buyers – 1.5:1

$208.28 – Buyers – 0.25:0*

$208.87 – Buyers – 0.25:0*

$209.12 – Buyers – 0.25:0*

$215.87 – NULL – 0:0*

$219.85 – NULL – 0:0*

$223.07 – NULL – 0:0*

$224.37 – NULL – 0:0*

$239.36 – N/A*

IWM’s Support Levels for that time period are below:

$169.71 – NULL – 1:1

$168.78 – NULL – 1:1

$167.46 – Sellers – 2.65:1

$166.21 – Sellers – 2.65:1

$164.79 – Sellers – 3.57:1

$161.16 – NULL – 1:1

$160.61 – NULL – 0:0*

IWM’s Point & Figure price levels are listed below, with their respective volume sentiment:

$212 – NULL – 0:0*

$208 – Buyers – 0.25:0*

$204 – Buyers – 1.5:1

$200 – Buyers – 2.27:1

$198 – Buyers – 1.5:1

$196 – Buyers – 1.31:1

$194 – Sellers – 2.25:1

$192 – Buyers – 1.67:1

$190 – Buyers – 5.4:1

$188 – Sellers – 1.19:1

$186 – Buyers – 1.91:1

$184 – Buyers – 1.75:1

$182 – Sellers – 1.23:1

$180 – Sellers – 1.09:1

$178 – Buyers – 1.84:1

$176 – Sellers – 1.06:1

$174 – Buyers – 1.45:1

$172 – Sellers – 1.47:1

$170 – Sellers – 2.17:1

$168 – NULL – 1:1

$166 – Sellers – 2.65:1

$164 – Sellers – 3.57:1

$162 – NULL – 1:1

$160 – NULL – 0:0*

DIA, the SPDR Dow Jones Industrial Average ETF’s Volume Analysis At Support & Resistance Points

DIA is an ETF that is used to track the performance of the Dow Jones Industrial Average, whose Point & Figure Chart had closer to 3 year’s worth of data in the view, which called for using a 3 year candlestick chart for finding support & resistance levels.

DIA closed at $333.20/share on 5/12/2023, placing it in the $332 box in the data, which is currently favoring the Buyers 1.20:1.

The next 2 higher boxes are both in favor of the Buyers ($336 = 1.01:1 & $340 = 1.71:1), with the next 4 lower boxes being in favor of the Sellers ($328 = 1.35:1, $324 = 1.19:1, $320 = 1.4:1 & $316 = 1.88:1).

DIA’s Resistance Levels For The Past Two Years & Their Volume Sentiment (BOLD denotes moving averages):

$335.34 – Buyers – 1.2:1 (10 DMA)

$337.93 – Buyers – 1.01:1

$341.87 – Buyers – 1.71:1

$342.59 – Buyers – 1.71:1

$344.98 – NULL – 1:1

$345.46 – NULL – 1:1

$347.76 – NULL – 1:1

$349.47 – Buyers – 1.5:1

$355.21 -Sellers – 1.25:1

$360.33 – NULL – 0:0*

DIA’s Support Levels for that time period are below (BOLD denotes moving average levels):

$331.34 – Sellers – 1.35:1 (50 DMA)

$331.26 – Buyers – 1.01:1

$327.05 – Sellers – 1.19:1

$326.30 – Sellers – 1.19:1

$325.40 – Sellers – 1.19:1 (200 DMA)

$323.80 – Sellers – 1.4:1

$323.27 – Sellers – 1.4:1

$315.39 – Buyers – 1.45:1

$313.96 – Buyers – 1.45:1

$300.85 – NULL – 1:1

$296.81 – Sellers – 1.37:1

$291.81 – NULL – 1:1

$283.60 – Buyers – 1.5:1

$277.07 – Buyers – 3:1

$262.24 – Buyers – 1.33:1

$250.19 – Buyers – 3.5:1

$236.36 – Sellers – 5:1

DIA’s Point & Figure price levels are listed below, with their respective volume sentiment:

$364 – NULL – 0:0*

$360 – NULL – 0:0*

$356 – Buyers – 0.5:0*

$352 – Sellers – 1.25:1

$348 – Buyers – 1.5:1

$344 – NULL – 1:1

$340 -Buyers – 1.71:1

$336 – Buyers – 1.01:1

$332 – Buyers – 1.20:1

$328 – Sellers – 1.35:1

$324 – Sellers – 1.19:1

$320 – Sellers – 1.4:1

$316 – Sellers – 1.88:1

$312 – Buyers – 1.45:1

$308 – Sellers – 1.67:1

$304 – Buyers – 1.4:1

$300 – NULL – 1:1

$296 – Sellers – 1.37:1

$292 – Sellers – 1.25:1

$288 – NULL – 1:1

$284 – Sellers – 1.25:1

$280 – Buyers – 1.5:1

$276 – Buyers – 3:1

$272 – Buyers – 1.67:1

$268 – Sellers – 1.25:1

$264 – Buyers – 1.4:1

$260 – Buyers – 1.33:1

$256 – Buyers – 1.67:1

$252 – Buyers – 1.07:1

$248 – Buyers – 3.5:1

$244 – Buyers – 3.5:1

$240 – Buyers – 1.25:1

$236 – Sellers – 5:1

$232 – NULL – 1:1

$228 – Sellers – 0.25:0*

$224 – Buyers – 0.6:0*

$220 – Sellers – 0.25:0*

$216 – NULL – 0:0*

Tying It All Together

Volume is one of the best indicators of investor sentiment that can be applied to any time frame, price level, or price range to help paint a better picture of the market’s behavior.

While it does not predict what will happen in the future as market conditions are ever changing & new variables may be of more importance now than they were when these volume levels were read, it can provide a reference as to how investors may behave when the same levels are approached again.

This document was intended to show investor sentiment at levels of support & resistance that are currently relevant to their price levels, while also providing more widespread data that can be used as prices move away from the levels of support & resistance mentioned above.

It can be combined with a current analysis of markets to give more clarity into how investors have historically behaved when prices have been in the price levels listed during the relevant time periods to provide additional detail to your analysis.

It is not intended to serve as investment recommendations or advice.

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM or DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF lost -0.25% over the past week & remained in the same range that it’s been in for the past month & a half.

Uncertainty is still in the air, as the last few days’ candlesticks could characterize the past week as “the week of the hanging man”.

SPY’s RSI is still neutral at 53, with volumes slightly dipping from the previous weeks, but remaining in-line with the year prior’s average volume range.

Their MACD is still bearish, but both lines are moving relatively flat as a result of the previous month’s trading range still being in tact.

SPY has support at the $411.24 (10 day moving average), $410.48, $407.06 & $406.62/share price levels, with resistance at the $416.49, $416.72, $417.62 & $426.37/share price levels.

QQQ, the Invesco QQQ Trust ETF climbed +0.66% over the past week, after getting off to a slow start on Monday followed by an upside pivot on Wednesday.

Much like SPY, their past week is also marred with uncertainty when you look at the candles, with Wednesday & Friday being hanging men & Thursday being a spinning top, all of whom’s real bodies stayed relatively in-line with one another.

QQQ’s RSI is on the oversold end of neutral at 60.52, but their volume has waned a bit compared to the year prior’s average this past week.

Their MACD is also relatively flat, with both lines sitting atop one another waiting for the catalyst that will send it in one direction or another.

QQQ has support at the $321.96 (10 day moving average), $313.19, $312.96 (50 day moving average) & $312.16/share price levels, with resistance at the $331.19, $332.51, $346.78 & $368.99/share price levels (resistance levels required a 2 year chart view).

IWM, the iShares Russell 2000 ETF declined -0.99% over the past week, as investors fled from smaller cap names, mostly in favor of the larger NASDAQ components.

They too were not spared the uncertainty, with a week filled with hanging men & spinning top candlesticks as traders & investors await a signal as to which direction to move in.

Their RSI is on the more oversold end of neutral at 44.8, but trading volumes have remained relatively close to average compared to the year prior.

Their MACD is also in the same state of limbo as SPY’s & QQQ’s, although it is currently giving a slightly bullish reading.

IWM has support at the $172.67, $169.71, $169.05 & $168.78/share price levels, with resistance at the $173.20 (10 day moving average), 174.63, $174.71 & $175.13/share price levels.

Let’s dive into some of the best & worst performing market sectors & geo-locations based on this week’s technical analysis ratings!

Mexico (MEXX), U.S. Home Construction (ITB), Brazil Small Caps (BRF) & Global Gold Miners (RING) Are All Bullishly Leading The Market

MEXX, the Direxion Daily MSCI Mexico Bull 3x Shares ETF has climbed an impressive +84.8% over the past year, gaining an even more impressive +158.51% since their 52-week low in May of 2022 (ex-distributions).

After a year of explosive growth, MEXX’s volumes have declined to well below average compared to the year prior, signaling uncertainty in the near-term by investors.

Their RSI at 62 is on the overbought end of neutral & their MACD is beginning to show signs of a near-term bearish crossover, after two days of declines to fill the window following Wednesday’s gap up.

MEXX offers a 1.05% distribution yield to long-term holders, which will not provide much cushion against any impending consolidation or correction from their current high range for the past year.

This makes it important for investors to have a defensive options strategy in place for insurance such as buying puts or selling calls while they watch to see how MEXX behaves around support levels.

MEXX has support at the $146.11 (10 day moving average), $145.23, $139.39 & $138.11/share price levels, as they try to break out & above their $156.14, $159.55 & $162.16/share resistance levels (latter 2 are from 2019).

For investors who find too much risk in a 3x leveraged ETF, it is possible to get Mexico exposure via the EWW ETF, which was featured in our 4/23/2023 Weekly Notes.

ITB, the iShares U.S. Home Construction ETF has added +30.94% over the past year, improving +57.58% since their 52 week low in June of 2022 (ex-distributions).

Much like MEXX, ITB & the U.S. Home Construction industry have been very bullish over the past year, but their volumes have waned less in recent days vs. MEXX & are much closer to average compared to the year prior’s levels.

This past week they remained relatively rangebound, with all of the real bodies of their candlesticks remaining at the same general price level, as traders & investors look for a catalyst to push them in one direction or another.

Their RSI is on the overbought end of neutral at 62, but their MACD has bearishly crossed over after spending the past week in a consolidation range.

With a modest 0.68% distribution yield for long-term holders there is limited cushion against losses from these steep price levels, making an insurance strategy against losses appealing while watching to see how they behave around their support levels in the near-term.

ITB has support at the $75.58 (10 day moving average), $73.75, $70.82 (50 day moving average) & $67.69, with resistance overhead at the $77.02, $77.51 & $82.52/share price levels (last 2 resistance levels are from 2021).

We also featured XHB, the SPDR S&P Homebuilders ETF in our 4/30/2023 weekly market review notes.

BRF, the VanEck Vectors Brazil Small-Cap ETF has fallen -3.89% over the past year, while rebounding +26.05% since their 52-week low in March of 2023 (ex-distributions).

While they have fallen over the past year, their recent recovery in 2023 has shown strength compared to other ETFs, giving them a higher ranking in our system.

Their RSI is overbought currently at 72 after Wednesday’s gap up, but investor sentiment is signaling weakness in the past week as their volumes feel to below average compared to the year prior & their last three candlesticks all remained relatively closely aligned with one another’s real bodies.

Their MACD is still bullish & their 10 day moving average crossed through their 200 day moving average on Thursday of this past week.

With a 3.63% cushion against losses from their distribution yield for long-term shareholders, there is more protection against losses than some other names in this article, but a defensive options strategy would be wise to have as their RSI is signaling a near-term cooldown.

BRF has support at the $15.07, $15.05, $15.04 & $14.99/share price levels, as they try to resistance at the $15.94, $15.95, $16.08 & $16.25/share price levels.

In our April 2, 2023 Market Notes we also covered the BRZU ETF, the Direxion Daily Brazil Bull 2x Shares ETF, which some traders & investors may find more suitable for their portfolio strategy.

RING, the iShares MSCI Global Gold Miners ETF, has gained +7.15% over the past year, adding +55.3% since their 52-week low in September of 2022 (ex-distributions).

Their MACD has been in bearish decline over the past week, as their RSI dipped just under neutral to 47.

Recent volumes are showing indecisiveness in where investors value their shares, falling to below average levels for the year prior, with their past week’s candlesticks signaling an impending slide that was capped off with a hammer to close Friday’s session & temporarily slow their losses.

RING offers a 1.96% distribution yield, which provides a slight cushion for long-term holders, but like the other names mentioned above, they are best approached with a defensive options strategy while watching how they behave at their support levels in the near-term.

RING has support at the $25.65, $25.21 (50 day moving average), $23.50 & $23.38/share price level, with resistance at the $26.15, $26.36, $26.93 (10 day moving average) & $27.97/share price levels.

Cannabis (POTX), Oil Services (OIH), U.S. Aerospace & Defense (ITA) & Hong Kong (EWH) Are All Bearishly Lagging The Market

POTX, the Global X Cannabis ETF has fallen -62.09% over the past year, dropping -65.78% since their 52-week high in May of 2022, but recovering +3.2% since their 52-week low in April of 2023 (ex-distributions).

This year has been very bearish for the cannabis industry as a whole & POTX is looking to rebound off of their recent 52-week low.

Their RSI is on the oversold end of neutral at 40, but their MACD looks primed to cross bearishly in the coming trading sessions.

Volumes recently have been below average compared to the year prior, signaling uncertainty among investors.

POTX offers a 4.51% distribution yield for long-term holders, which can help protect against future losses, but in the near-term a defensive options strategy can generate profits for investors while they wait to see how POTX behaves at support levels.

POTX has support at the $7.82 (all time lowest since their inception in 2020), with resistance at the $8.40 (10 day moving average), $8.47, $8.85 (50 day moving average) & $8.99/share price levels.

OIH, the VanEck Vectors Oil Services ETF has lost -2.61% over the past year, falling -24.77% since their 52-week high in January 2023, but has regained +29.23% since their 52-week low in July of 2022 (ex-distributions).

Their RSI is closing in on oversold levels, which is supported by their impending death cross (bearish crossover of the 50 & 200 day moving average), which will add to the declines that began with Thursday’s gap down.

Their MACD is still bearish, but attempting to flatten out for a bullish crossover, but recent trading volumes are below average compared to the year prior, signaling weakness in the near-term as investors are not overly eager to buy shares at these price levels.

OIH offers a 1.14% distribution yield for long-term holders, but again, like everything else in this article, the best course of action currently is to wait & see their behavior around support levels, while employing a defensive strategy using options as an insurance policy.

OIH has support at the $249.42, $249.30, $249.17 & $244.42/share price levels, with resistance at the $253.75, $255.92, $259.02 (10 day moving average) & $267.94/share price levels.

ITA, the iShares U.S. Aerospace & Defense ETF has gained +13.61% over the past year, losing -6.14% from their 52-week high in March of 2023 & improving +21.83% since their 52-week low in September of 2022 (ex-distributions).

Their MACD has been bearish for the past month, as their price has been in steady decline, with their RSI on the oversold end of neutral at 40.

Recent trading volumes are slightly below average compared to the year prior, signaling caution from investors.

ITA’s 1.06% distribution yield is not enough cushion to protect against any further near-term declines, making it wise to have a defensive strategy as insurance against losses, while watching their behavior around the near-term support levels.

ITA has support at the $109.46, $109.32, $108.28 & $108.13/share price levels, with resistance at the $111.98, $112.17, $113.71 & $113.76/share price levels.

EWH, the iShares MSCI Hong Kong ETF has fallen -3.13% over the past year, dropping -12.19% since their 52-week high in January of 2023, but improving +24% since their 52-week low in October of 2022 (ex-distributions).

Their RSI is very bearish & approaching oversold territory quickly, after 2 gap downs in the past week, which are setting the tone for the week ahead to be bearish at worst & at best finding them establishing a new, lower price range.

Their MACD is also bearish, and recent trading volumes have been relatively close to average compared to the year prior, signaling that there may be more losses incurred in the near-term.

With a 3.07% distribution yield for long-term holders, there is some protection against losses, but this is another instance where an insurance policy using options is the best idea in the near-term while watching their behavior at their support levels.

EWH has support at the $19.78, $19.65, $19.51 & $18.90/share price levels, with resistance at the $19.92, $20.12, $20.16 (200 day moving average) & $20.21/share price levels.

Tying It All Together

Next week’s data announcements kick off Monday morning at 8:30 am with the Empire Manufacturing Survey data & Chicago Fed President Goolsbee speaking on TV, followed by Minneapolis Fed President Kashkari speaking at 9:15 am.

Monday’s earnings reports include Catalent, Lordstown Motors, Tower Semiconductor & Navitas Semiconductor.

Tuesday is a bit busier, beginning at 8:15 am with Cleveland Fed President Mester Speaking, U.S. Retail Sales & Retail Sales Minus Autos reported at 8:30 am, Industrial Production & Capacity Utilization at 9:15 am, and at 10 am Business Inventories, Home Builder Confidence Index data & Fed Chair Barr testifying.

Also on Tuesday at 10:30 am Richmond Fed President Barkin speaks, followed by New York Fed President Williams at 12:15 pm, Chicago Fed President Goolsbee on TV at 2:30 pm & Atlanta Fed President Bostic & Chicago Fed President Goolsbee speaking on a panel at 7pm.

Tuesday’s earnings calls include Home Depot, Baidu, Sea Limited, Tencent Music, Tupperware & others.

Wednesday has a slower pace on the data front, with Housing Starts & Building Permits data reported at 8:30 am.

Cisco Systems reports earnings on Wednesday, along with Bootbarn Holdings, Copart, Jack In the Box, Synopsys, Take-Two Interactive, Target, TJX, Trip.com Group, Wix.com & more.

On Thursday at 8:30 am the Philadelphia Fed Factory Survey & Initial Jobless Claims data are reported, followed by Fed Governor Philip Jefferson speaking at 9:15 am, Fed Vice Chair for Supervision Barr Testifying at 9:30 am, and at 10 am Existing Home Sales & U.S. Leading Economic Indicators data will be reported.

Walmart is set to report earnings on Thursday, as well as Alibaba Group Holding, Applied Materials, Bath & Body Works, Bilibili, Canada Goose, Deckers Outdoor, Dole, Ross Stores, The Children’s Place & many more.

Friday winds the week down with New York Fed President Williams speaking at 8:45 am & at 11 am Fed Chairman Powell & former Fed Chairman Bernanke will be speaking on a panel.

Friday’s bigger earnings reports include Deere & Footlocker.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM, MEXX, ITB, BRF, RING, POTX, OIH, ITA, or EWH AT THE TIME OF PUBLISHING THIS ARTICLE ***