Category: Stock & ETF Research

With major market indexes retreating from recently reached all-time highs & recent volatility in the energy sector, it’s a good time to check in with how XLE, the Energy Select Sector SPDR ETF is performing.

A major part of that is understanding its historic volume sentiments at recent key support & resistance levels.

Before going any further, I own a long in-the-money puts position in XLE that I initiated this past Friday at the open.

Below is a brief technical analysis of XLE’s past year performance, as well as a list of their volume sentiment at the different price levels they’ve traded at over the past 2-3 years.

This is not a specific recommendation, nor is it a substitute for performing your own due diligence, but rather it is meant to be an extra tool to take into consideration while making your own assessment of XLE.

Brief Technical Analysis Of XLE, The Energy Select Sector SPDR ETF

XLE is recently coming off of a new 52-week high that it reached last week & has since been in decline.

Their RSI is currently 57.06, which is relatively neutral, while their MACD is bearish in the wake of said declines.

Volumes over this past week have been +10.96% above average compared to the year prior (21,014,420 vs. 18,937,925, not including today’s session’s data*), as market participants have been eager to take profits from their recent price run up that began in January of 2024.

Due to the velocity of their recent ascent there are limited support levels in near proximity to the current share price & the 10 day moving average has curled over bearishly & is now applying downwards pressure on XLE’s share price.

Their next resistance level is ~1% away & after that there is a support zone is -3.8% below the current price ($94.99 at the time of writing this).

Today’s session is currently showing a bit of relief in the wake of the sell off of the past handful of days, but there is still risk-off sentiment in the near-term based on the lower shadow of yesterday’s session & today’s open kicking off below the close of yesterday’s session.

This makes it even more important to have an understanding of how market participants have behaved at different price levels XLE has traded at in the recent past.

Price Level:Volume Sentiment For XLE Over The Past 2-3 Years

Below is a list of the one year support & resistance levels, with the 10, 50 & 200 day moving averages denoted in bold & the Buyer:Seller sentiment ratio beneath each price level.

The images that follow it list out the volume sentiment for each price level that XLE has traded at over the past 2-3 years.

These ratios can be used to make an assessment about how strong a particular support or resistance level may be, based on how buyers & sellers have behaved there in the recent past.

There is also a list typed out below it with the same table information, where the bold prices indicate a support/resistance level.

$99 – NULL – 0:0*; +4.22% From Current Price

$98 – Buyers – 0.3:0*; +3.17% From Current Price

$97 – Even – 1:1; +2.12% From Current Price

$96 – Even – 1:1; +1.06% From Current Price – 10 Day Moving Average*

$95 – Sellers – 1.25:1; +0.01% From Current Price

$94 – Buyers – 1.5:1; -1.04% From Current Price – Current Price Level*

$93 – Buyers – 0.7:0*; -2.09% From Current Price

$92 – Sellers – 1.6:1; -3.15% From Current Price

$91 – Buyers – 0.7:0*; -4.2% From Current Price

$90 – Buyers – 3:1; -5.25% From Current Price

$89 – Buyers – 2.56:1; -6.31% From Current Price – 50 Day Moving Average*

$88 – Buyers – 1.4:1; -7.36% From Current Price

$87 – Sellers – 1.07:1; -8.41% From Current Price

$86 – Buyers – 2.15:1; -9.46% From Current Price

$85 – Buyers – 1.12:1; -10.52% From Current Price – 200 Day Moving Average*

$84 – Sellers – 15.33:1; -11.57% From Current Price

$83 – Buyers- 1.22:1; -12.62% From Current Price

$82 – Sellers – 1.89:1; -13.68% From Current Price

$81 – Sellers – 1.11:1; -14.73% From Current Price

$80 – Sellers – 2.58:1; -15.78% From Current Price

$79 – Sellers – 1.63:1; -16.83% From Current Price

$78 – Buyers – 1.53:1; -17.89% From Current Price

$77 – Buyers – 1.46:1; -18.94% From Current Price

$76 – Sellers – 1.6:1; -19.99% From Current Price

$75 – Sellers – 1.39:1; -21.04% From Current Price

$74 – Sellers – 1.23:1; -22.1% From Current Price

$73 – Sellers – 0.7:0*; -23.15% From Current Price

$72 – NULL – 0:0*; -24.27% From Current Price

*** I CURRENTLY OWN A LONG, IN-THE-MONEY PUT POSITION IN XLE AT THE TIME OF PUBLISHING THIS ARTICLE ***

It’s no secret by now that investors & market participants have been obsessing over Artificial Intelligence, or A.I.

At any given time you put on a financial news channel it seems that someone is talking about how to harness its power, or there is a commercial on discussing the endless possibilities of how it will benefit humanity & our future.

There are a number of ETFs out there now whose holdings are dedicated to providing exposure to this phenomena, but most are primarily focused on the technologies & hardware that powers these machines, which tends to mostly be technology company exposure.

As markets are off all-time highs, I thought it would be interesting to look into companies that would provide a more defensive approach to providing exposure to the A.I. revolution.

The two main sectors of focus will be Real Estate & Utilities.

The article below will list out the largest publicly traded players in each space with a list of some of their fundamentals that might be taken into consideration when structuring a synthetic ETF in your portfolio, but there will not be any commentary on the quality of the numbers, that is going to be subjective for each individual market participant.

As always, this is not meant to be taken as financial advice, and always do your own due diligence before making any types of decisions with the information provided below.

The Real Estate Housing A.I. & Data Centers

While most of the ETFs I reviewed were focused on the hardware side of how A.I. is hosted, the real estate that houses the machinery is also an important part of the operation.

For this, we look to data centers & the stocks behind the two largest data center holders in the United States.

Digital Realty Trust Inc. DLR Stock

The first one is Digital Realty Trust Inc., who trades under the ticker DLR & owns the most data centers in the United States.

Here is a snapshot at some of DLR stock’s fundamentals (all data came from Fidelity, Yahoo Finance & StockCharts.com):

P/E: 47.1

P/B: 2.47

Market Cap: $45.56B

Beta: 0.55

% Institutional Ownership: 99.86%

Dividend Yield: 3.35%

Payout Ratio: 56.16

Equinix Inc. EQIX Stock

Next, we look at Equinix Inc., who trades under the ticker EQIX.

EQIX owns the second largest number of data centers in the United States & provides additional exposure to the real estate element of data centers & artificial intelligence.

P/E: 75.3

P/B: 6.06

Market Cap: $75.81B

Beta: 0.60

% Institutional Ownership: 94.9%

Dividend Yield: 2.13%

Payout Ratio: 177.2

The Utilities That Power A.I. & The Major Data Centers In The U.S.

Dominion Energy Inc. D Stock

Dominion Energy Inc. stock trades under the ticker D & is one of the main energy providers in Virginia.

Northern Virginia is one of the largest data center hubs in the United States, making them worth considering during this exercise.

P/E: 19.7

P/B: 1.61

Market Cap: $41.5B

Beta: 0.61

% Institutional Ownership: 73.1%

Dividend Yield: 5.39%

Payout Ratio: 172.5%

PG&E Corp. PCG Stock

PG&E Corp. trades under the ticker PCG & provides utilities in the Northern California region, which is also a major region for data centers in the United States.

P/E: 15.9

P/B: 1.45

Market Cap: $36.25B

Beta: 1.32

% Institutional Ownership: 95.52%

Dividend Yield: 0.24%

Payout Ratio: 0.95%

Southern Co. SO Stock

Southern Co. (The) stock trades under the ticker SO & provides utilities in the Atlanta, Georgia area, which also happens to house a lot of data center activity in the United States.

P/E: 19.3

P/B: 2.45

Market Cap: $77.01B

Beta: 0.49

% Institutional Ownership: 64.1%

Dividend Yield: 3.97%

Payout Ratio: 89.36%

Portland General Electric Co. POR Stock

Portland General Electric Co. stock trades under the ticker POR & is a utilities provider in the Portland, Oregon area, which also is a major hub in the U.S. for data centers.

P/E: 17.5

P/B: 1.29

Market Cap: $4.27B

Beta: 0.57

% Institutional Ownership: 88.03%

Dividend Yield: 4.5%

Payout Ratio: 70.59%

Consolidated Edison Inc. ED Stock

Consolidated Edison Inc. stock trades under the ticker ED & is a utilities provider in the greater NY/NJ area, which is well known for having a lot of data center activity in the U.S.

P/E: 12.3

P/B: 1.49

Market Cap: $31.49B

Beta: 0.35

% Institutional Ownership: 66.16%

Dividend Yield: 3.64%

Payout Ratio: 79.94%

Public Service Enterprise Group Inc. PEG Stock

Public Service Enterprise Group Inc. stock trades under the the ticker PEG & is a utilities provider in the New Jersey region of the United States.

New Jersey is home to a large number of data centers making them worth considering in this exercise.

P/E: 13

P/B: 2.16

Market Cap: $33.51B

Beta: 0.57

% Institutional Ownership: 73.18%

Dividend Yield: 3.57%

Payout Ratio: 52.01%

First Energy Corp. FE Stock

First Energy Corp. stock trades under the ticker FE & is also a provider of utilities in the greater NY/NJ area of the United States.

P/E: 19.3

P/B: 2.12

Market Cap: $22.14B

Beta: 0.48

% Institutional Ownership: 82.87%

Dividend Yield: 4.42%

Payout Ratio: 80.61%

Edison International EIX Stock

Edison International stock trades under the ticker EIX & is a provider of utilities in Southern California, where there are also a high concentration of data centers.

P/E: 22.2

P/B: 1.97

Market Cap: $27.27B

Beta: 0.96

% Institutional Ownership: 88.23%

Dividend Yield: 4.4%

Payout Ratio: 74.6%

Tying It All Together

The real estate & utility companies above offer low-beta exposure to the A.I. stock craze & can be combined to create a synthetic ETF structure in your portfolio, which some market participants may find beneficial at a time where most of the major indexes are just below their all-time highs (see this past weekend’s market review note).

While each has unique attributes, they all are related to the data centers that power A.I. & or the publicly traded utilities providers in the top 10 regions of the United States that are homes to data centers.

Here is more information on U.S. data centers, including the regional data that was used to find the utility companies listed above.

As mentioned above, none of the fundamentals listed above were given with any commentary, please do your own research if you are going to undertake this exercise, as nothing above was financial advice.

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN DLR, EQIX, D, PCG, SO, POR, ED, PEG, FE or EIX AT THE TIME OF PUBLISHING THIS ARTICLE ***

*** ALL DATA LISTED ABOVE CAME FROM FIDELITY, YAHOO FINANCE & STOCKCHARTS.COM ***

Alphabet Inc. stock trades under the ticker GOOGL & has advanced +39.5% over the past year.

Their current share price (per last night’s close) is -8.9% below their 52-week high, which was achieved two days prior on 1/29/24, while their share price has recovered +58.16% since their 52-week low in February of 2023.

Given their recent fall from a 52-week high, it is beneficial to take a look at how buyers & sellers have interacted at each price level they’ve traded at in recent history to gain insight into how strong or weak support & resistance levels will be in the future.

Below is a brief technical analysis overview of GOOGL stock’s past year & recent week, along with a section that outlines the ratios listed above for each price level & notes their support & resistance levels from the past year.

It is not meant as investing advice, but rather as an extra resource to review in addition to your due-diligence process.

Please note that at price extremes, such as the recent 52-week high that there is limited data for both sides, which will skew things near tops towards the Buyers & towards Sellers near the lower end of the range.

Also, any price level that did not have enough meaningful data is denoted with a “NULL” & any ratio that has a 0 for consequent value is marked with a “*” after the ratio.

Technical Analysis Of Alphabet Inc. GOOGL Stock

GOOGL stock’s RSI is currently below neutral & sits at 43.62 following their recent declines after spending a week & a half in overbought conditions.

Their MACD has also recently completed a bearish crossover following yesterday’s major gap down session.

Volumes were +18.65% above average over the past week compared to the week prior’s averages, mostly due to yesterday’s steep declines from their 52-week high, as investors rushed to take profits following their earnings report.

The high volume levels of yesterday’s session were the 6th highest of the past year, indicating that there is likely to be more bearish sentiment for GOOGL in the near-term, particularly if today’s session is unable to produce any meaningful gains.

Yesterday’s gap down created a -7.5% window, where the support of the 10-day moving average was completely blown through on the open, while the 50 DMA was able to provide some support, along with multiple support touch-points in the $138-139 support zone.

All eyes will be on how strong the 50 DMA & consolidation range that GOOGL stock spent most of the last 6 months of the year in holds up as a support level, as otherwise only the $135.15 & $133.74 price levels are providing support until there is a zone with multiple touch-points at $129/share.

Their Average True Range shot through the roof yesterday, as there had been limited volatility for the prior week or two as prices climbed relatively slowly & without much volatility.

The following section leads off with an image showing all of their current support & resistance levels, as well as the ratio of Buyers:Sellers (or vice-versa) at each price level over the past 2-3 years.

Below that is a table that outlines all of the individual price levels with their ratios, as well as a text list version where the support/resistance levels are noted in bold.

Price Level:Volume Sentiment Analysis For Alphabet Inc. GOOGL Stock

$154 – NULL – 0:0*; +9.92% From Current Price Level

$152 – Buyers – 1.2:0*; +8.49% From Current Price Level

$150 – Buyers – 1.17:1; +7.07% From Current Price Level

$148 – Buyers – 0.6:0*; +5.64% From Current Price Level – 10 Day Moving Average*

$146 – Buyers – 1.2:0*; +4.21% From Current Price Level

$144 – Sellers – 0.9:0*; +2.78% From Current Price Level

$142 – Buyers – 1.56:1; +1.36% From Current Price Level

$140 – Buyers – 1.18:1; -0.07% From Current Price Level – Current Price Box*

$138 – Buyers – 2.61:1; -1.5% From Current Price Level – 50 Day Moving Average*

$136 – Buyers – 1.84:1; -2.93% From Current Price Level

$134 – Buyers – 1.02:1; -4.35% From Current Price Level

$132 – Buyers – 1.57:1; -5.78% From Current Price Level

$130 – Sellers – 1.15:1; -7.21% From Current Price Level

$128 – Buyers – 1.2:1; -8.64% From Current Price Level – 200 Day Moving Average*

$126 – Buyers – 5:1; -10.06% From Current Price Level

$124 – Buyers – 1.76:1; -11.49% From Current Price Level

$122 – Sellers – 1.93:1; -12.92% From Current Price Level

$120 – Buyers – 2:1; -14.35% From Current Price Level

$118 – Sellers – 1.27:1; -15.77% From Current Price Level

$116 – Buyers – 1.88:1; -17.2% From Current Price Level

$114 – NULL – 0:0*; -18.63% From Current Price Level

$112 – NULL – 0:0*; -20.06% From Current Price Level

$110 – Buyers – 1.3:0*; -21.48% From Current Price Level

$108 – Buyers – 1.7:0*; -22.91% From Current Price Level

$106 – Buyers – 1.92:1; -24.34% From Current Price Level

$104 – Sellers – 1.03:1; -25.77% From Current Price Level

$102 – Sellers – 3.46:1; -27.19% From Current Price Level

$100 – Buyers – 2.88:1; -28.62% From Current Price Level

$99 – Sellers – 1.07:1; -29.34% From Current Price Level

$98 – Buyers – 9.75:1; -30.05% From Current Price Level

$97 – Sellers – 1.25:1; -30.76% From Current Price Level

$96 – Buyers – 1.73:1; -31.48% From Current Price Level

$95 – Sellers – 4:1; -32.19% From Current Price Level

$94 – Sellers – 1.67:1; -32.91% From Current Price Level

$93 – Buyers – 3.33:1; -33.62% From Current Price Level

$92 – Sellers – 2.08:1; -34.33% From Current Price Level

$91 – Sellers – 2.62:1; -35.05% From Current Price Level

$90 – Sellers – 3.62:1; -35.76% From Current Price Level

$89 – Buyers – 4.67:1; -36.47% From Current Price Level

$88 – Buyers – 1.63:1; -37.19% From Current Price Level

$87 – Sellers – 1.7:1; -37.9% From Current Price Level

$86 – Sellers – 2.09:1; -38.62% From Current Price Level

$85 – NULL – 0:0*; -39.33% From Current Price Level

$84 – Sellers – 1.3:0*; -40.04% From Current Price Level

$83 – NULL – 0:0*; -40.76% From Current Price Level

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN GOOGL STOCK AT THE TIME OF PUBLISHING THIS ARTICLE ***

Viatris Inc. stock trades under the ticker VTRS & has advanced +7.82% over the past year (ex-dividends).

They’ve declined -3.12% from their 52-week high reached yesterday & they have recovered +38.44% (ex-dividends) from their 52-week low that was reached in October of 2023.

Technical Analysis Of Viatris Inc. VTRS Stock

Their RSI is currently overbought at 77.88 following their steady ascent that began in mid-November 2023, while their MACD is pushing higher bullishly in a diagonal line.

Volumes over the past week have been +54.19% above average compared to the year prior (14,186,620 vs. 9,200,682.47), as investors were eager to pile into the wide range sessions of last Friday & yesterday, leading to the fresh 52-week high.

The highest level volume came on yesterday’s session, followed by the bullish session on last Friday, with the two bearish sessions in between those days having below average volume, signaling investor confidence.

Last Tuesday the big lift took place on a wide range session that resulted in a daily gain of +5.17%, which was followed by a spinning top on Wednesday where market participants were unsure as to where the price should go next & some profit taking from the day prior took place.

The spinning top candle was on the upper part of Tuesday’s candle & above its upper shadow, signaling that there was still bullish sentiment, however.

Thursday the rally continued higher, although there was some second guessing based on the lower shadow of the session’s candle, but Friday was full on risk-on by market participants, pushing prices +3.72% higher.

This week began with two cool down sessions, but Tuesday’s spinning top candle indicated that there was uncertainty back in the market, leading into yesterday’s bullish wide range session.

There appears to be a head & shoulders appearing since the start of next week, which will be an important thing to keep an eye on as we move into next week.

This is particularly important now as they set a new 52-week high yesterday & market participants will be sure to want to take some profits off of the table in the near-term.

Their Average True Range is indicating that they are in a strong trend with wide-ranging price days.

There are only three support touch-points for the next -13.39%, which include $11.70, $11.41 (10 Day Moving Average) & $11.21/share.

Given that the 10 DMA is continuing to march higher, once that has been broken as a support level there looks to be a lot of area for sellers to step in.

This makes it important to have an understanding of how investors have behaved previously when VTRS stock has been at the price levels it is currently at.

The price level:volume sentiment analysis below provides 4-5 years of price data & how investors have behaved at each level based on the volume levels.

It is not investment advice, but rather an additional tool to add into your due diligence process.

Price Level:Volume Sentiment Analysis For Viatris Inc. VTRS Stock

Due to prices being at an extreme as VTRX is at a 52-week high, the next support levels are currently even, where buyers & sellers have participated at a 1:1 ratio.

Buyers step in at the $11-11.50/share price box at a rate of 1.67:1, but that support grows weaker as it gets closer to the $10-10.50/share box, where Buyers have edged out sellers at a rate of 1.07:1 over the past 4-5 years.

Buyers continue to be in control until $9.49/share, which is where Sellers step in & have dominated all of the other 1 year support levels.

This is a -21.5% move down to reach that price level, highlighting the importance of the $10.62/share support level, as should that be broken there is not much strength in the consolidation areas that have the other support levels in terms of Buyers:Sellers strength.

In the event of declines, the table below can be referenced to get an idea as to how the market has previously valued VTRS stock & how they might again as it approaches different support levels.

Again, always do your own due diligence when making investing/trading decisions.

$35 – NULL – 0:0*; +189.26% From Current Price Level

$34 – NULL – 0:0*; +180.99% From Current Price Level

$33 – NULL – 0:0*; +172.73% From Current Price Level

$32 – Buyers – 0.7:0*; +164.46% From Current Price Level

$31 – Sellers – 0.1:0*; +156.2% From Current Price Level

$30 – Sellers – 3:1; +147.93% From Current Price Level

$29 – Sellers – 0.1:0*; +139.67% From Current Price Level

$28 – Even – 1:1; +131.4% From Current Price Level

$27 – Sellers – 1.2:1; +123.14% From Current Price Level

$26 – Even – 1:1; +114.88% From Current Price Level

$25 – Buyers – 1.29:1; +106.61% From Current Price Level

$24 – Buyers – 2.11:1; +98.35% From Current Price Level

$23 – Sellers – 2:1; +90.08% From Current Price Level

$22 – NULL – 0:0*; +81.82% From Current Price Level

$21 – NULL – 0:0*; +73.55% From Current Price Level

$20 – Buyers – 4:1; +65.29% From Current Price Level

$19.50 – Buyers – 1.25:1; +61.16% From Current Price Level

$19 – Sellers – 1.56:1; +57.02% From Current Price Level

$18.50 – Buyers – 1.83:1; +52.89% From Current Price Level

$18 – Buyers – 2.33:1; +48.76% From Current Price Level

$17.50 – Sellers – 1.3:1; +44.63% From Current Price Level

$17 – Even – 1:1; +40.5% From Current Price Level

$16.50 – Buyers – 1.15:1; +36.36% From Current Price Level

$16 – Buyers- 1.27:1; +32.23% From Current Price Level

$15.50 -Buyers – 1.31:1; +28.1% From Current Price Level

$15 – Sellers – 1.87:1; +23.97% From Current Price Level

$14.50 – Even – 1:1; +19.83% From Current Price Level

$14 – Buyers – 1.18:1; +15.7% From Current Price Level

$13.50 – Buyers – 1.19:1; +11.57% From Current Price Level

$13 – Sellers – 1.1:1; +7.44% From Current Price Level

$12.50 – Sellers – 1.44:1; +3.31% From Current Price Level

$12 – Sellers – 1.4:1; -0.83% From Current Price Level – Current Price Box*

$11.50 – Even – 1:1; -4.96% From Current Price Level

$11 – Buyers – 1.67:1 – -9.09% From Current Price Level – 10 Day Moving Average*

$10.50 – Buyers – 1.37:1; -13.22% From Current Price Level

$10 – Buyers – 1.07:1; -17.36% From Current Price Level

$9.50 – Buyers – 1.21:1; -21.49% From Current Price Level – 50 & 200 Day Moving Averages**

$9 – Sellers – 1.1:1; -25.62% From Current Price Level

$8.50 – Sellers – 1.02:1; -29.75% From Current Price Level

$8 – Sellers – 1.86:1; -33.88% From Current Price Level

$7.50 – NULL – 0:0*; -38.02% From Current Price Level

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN VTRS STOCK AT THE TIME OF PUBLISHING THIS ARTICLE ***

Advanced Micro Devices Inc. stock trades under the ticker AMD & has advanced +118.21% over the past year.

AMD has fallen -9.96% from their 52-week high in December of 2023, while gaining +126.49% from their 52-week low in January of 2023.

After a great run this past year & a new 52-week high set last week it’s a good time to do a technical breakdown of AMD’s past year’s performance, as well as review their price level:volume sentiment from recent history to gain clues into how market participants may behave around key support & resistance levels again in the future.

As always, this is not intended as investing advice, but rather as an additional resource to use in addition to your existing due diligence process.

Technical Analysis Of AMD Advanced Micro Devices Inc. Stock

Their RSI has returned to near the neutral level after being at overbought levels for much of December & is currently at 53.04, while their MACD is in steep bearish decline following the declines of 3 of the past 4 sessions.

The volumes of the past week were +0.87% above average compared to the year prior (62,249,360 vs. 61,714,841), indicating that this is still normal profit taking after reaching a new 52-week high at the end of December 2023.

It will be interesting to watch their moving averages in the coming weeks, particularly as the 10 day moving average gave up support on Tuesday & is now curling over bearishly & the 50 DMA is -9.4% below their current share price.

While there are three additional support levels between the current price & 50 DMA, the data for the past 1-2 years does not indicate that there is strength in favor of the buyers or the sellers at the support levels mentioned ($133.74, $132.83 & $130.79/share).

In the lead up to their new 52-week high, last week kicked off with the support of the 10 day moving average forcing AMD’s share price higher, followed Wednesday with a hanging man candle, indicating that sellers were stepping in & there was uncertainty about the price moving much higher.

Thursday nudged higher, but confirmation was given based on the real body of the session’s candle being focused more on the lower end of the day’s trading range, despite the session marking a temporary new 52-week high.

Friday, the last trading session of the year is when the party stopped, as prices advanced slightly & set a new 52-week high, before closing midway down the real body of the session prior’s candle.

Tuesday kicked this week off with a gap down session that opened with support from the 10 day moving average, which quickly faded & prices tested lower & resulted in closing below the 10 DMA, with a small lower shadow indicating that there was more seller pressure to come.

Confirmation arrived Wednesday when prices continued lower & a hint of uncertainty was in the air as the day resulted in a doji candle.

Thursday’s session did not inspire much confidence, opening lower than Wednesday’s close, but closing slightly above it.

Although Thursday tested higher with their upper shadow, the average volume does not indicate conviction in the slight movement higher.

The strength of the $130-133 support zone will be tested to see if prices can consolidate & establish a new range following the -9.96% dip from their 52-week high.

Price Level:Volume Sentiment Analysis For AMD Advanced Micro Devices Inc. Stock

Given that we are near a price extreme (52-week high) it is typical to see some price levels have Buyer:Seller values that are either lacking in data (NULL), or are heavily skewed to one side or the other.

The charts below indicate that there is no clear winner in the battle of buyers & sellers at the $130-133.99/share support zone & that the $126-129.99/share blocks are heavily skewed towards buyers, which makes sense when the number of advancing sessions in those price zones is broken down.

The $124-125.99/share price level should it be tested is historically 1.96:1 Sellers:Buyers, which would walk ADM’s share price down ~-9%, where support picks back up in the $120-123.99/share price levels, which respectively have been Buyer dominated ($122 = 2.75:1, $120 = 2.27:1).

If footing is unable to be found at this zone, the $118-119.99/share block has very weak historical buyers sentiment, which would pave the way into another seller dominated zone.

In the event that this were to happen, the next three support levels are dominated historically by Sellers, 1.66:1 & 1.68:1, before the support of the 200 DMA & the $108.55/share support level look to have historic strength, with Buyers outdoing the sellers 2.4:1.

While this extreme scenario would demonstrate a decline of -19-20%, it would not be out of the question given how much semiconductor stocks advanced over the past year & how crowded they have become.

The charts below will be something for market participants to keep an eye on in the coming months as support/resistance levels are tested.

$152 – NULL – 0:0*; +11.28% From Current Price Level

$150 – NULL – 0:0*; +9.82% From Current Price Level

$148 – Buyers – 1:0*; +8.35% From Current Price Level

$146 – Even – 1:1; +6.89% From Current Price Level

$144 – NULL – 0:0*; +5.42% From Current Price Level

$142 – Buyers – 0.9:0*; +3.96% From Current Price Level

$140 – Buyers – 1:0*; +2.5% From Current Price Level – 10 Day Moving Average*

$138 – Buyers – 1.03:1; +1.03% From Current Price Level

$136 – Buyers – 2:0*; -0.43% From Current Price Level – Current Price Box*

$134 – Buyers – 2:1; -1.9% From Current Price Level

$132 – NULL – 0:0*; -3.36% From Current Price Level

$130 – NULL – 0:0*; -4.82% From Current Price Level

$128 – Buyers – 5.1:0*; -6.29% From Current Price Level

$126 – Buyers – 3.2:0*; -7.75% From Current Price Level

$124 – Sellers – 1.96:1; -9.92% From Current Price Level

$122 – Buyers – 2.75:1; -10.68% From Current Price Level – 50 Day Moving Average*

$120 – Buyers – 2.27:1; -12.15% From Current Price Level

$118 – Buyers – 1.02:1; -13.61% From Current Price Level

$116 – Sellers – 1.66:1; -15.07% From Current Price Level

$114 – Buyers – 6.3:0*; -16.54% From Current Price Level

$112 – Buyers – 1.44:1; -18% From Current Price Level

$110 – Sellers – 1.68:1; -19.47% From Current Price Level

$108 – Buyers – 2.4:1; -20.93% From Current Price Level – 200 Day Moving Average*

$106 – Sellers – 1.44:1; -22.4% From Current Price Level

$104 – Sellers – 2.64:1; -23.86% From Current Price Level

$102 – Buyer s- 4.61:1; -25.32% From Current Price Level

$100 – Sellers – 1.88:1; -26.79% From Current Price Level

$99 – NULL – 0:0*; -27.52% From Current Price Level

$98 – Buyers – 3.2:0*; -28.25% From Current Price Level

$97 – Buyers – 9:1; -28.98% From Current Price Level

$96 – Sellers – 1.24:1; -29.72% From Current Price Level

$95 – Even – 1:1; -30.45% From Current Price Level

$94 – Sellers – 2:0*; -31.18% From Current Price Level

$93 – Sellers – 1:0*; -31.91% From Current Price Level

$92 – Sellers – 3.3:0*; -32.65% From Current Price Level

$91 – Sellers – 0.8:0*; -33.38% From Current Price Level

$90 – Buyers – 0.9:0*; -34.11% From Current Price Level

$89 – Buyers – 4.47:1; -34.84% From Current Price Level

$88 – Sellers – 0.8:0*; -35.57% From Current Price Level

$87 – Buyers – 2.5:1; -36.31% From Current Price Level

$86 – Buyers 2:0*; -37.04% From Current Price Level

$85 – Buyers – 2:0*; -37.77% From Current Price Level

$84 – Sellers – 1.2:0*; -38.5% From Current Price Level

$83 – Sellers – 1:0*; -39.32% From Current Price Level

$82 – Sellers – 2:1; -39.97% From Current Price Level

$81 – Sellers – 2.8:1; -40.7% From Current Price Level

$80 – NULL – 0:0*; -41.43% From Current Price Level

$79 – NULL – 0:0*; -42.16% From Current Price Level

$78 – NULL – 0:0*; -42.89% From Current Price Level

$77 – NULL – 0:0*; -43.63% From Current Price Level

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN AMD STOCK AT THE TIME OF PUBLISHING THIS ARTICLE ***

UCO, the ProShares Ultra Bloomberg Crude Oil ETF has declined -9.85% over the past year, falling -31.2% from its 52-week high in September of 2023, while advancing +23.1% from its 52-week low in March of 2023 (using 1/2/2024’s closing price data).

After a volatile week last week, it is worth taking a look at how their shares have traded at different price levels in terms of volume from recent history.

This is particularly important at a time such as now, when prices are stuck between a support zone created by the price consolidation of mid 2023 & the downward resistance pressure of their 10, 50 & 200 day moving averages.

Below is a brief technical analysis of UCO’s recent performance, as well as a review of Buyer:Seller volume at each price level that they’ve traded at over the past 2-3 years.

It is not intended as investment advice, but rather as an additional tool that can be looked at in addition to your normal due diligence process to assess the strength (or weakness) of support & resistance levels.

Technical Analysis Of UCO, The ProShares Ultra Bloomberg Crude Oil ETF

Their RSI is currently trending back towards neutral & sits at 45.75, while their MACD has recently flattened after being in bearish decline following the declines of the past week.

Volumes last week were +44.34% above average compared to the year prior (4,165,920 vs. 2,886,132.67) as market participants were eager to sell their shares of UCO.

Last week kicked off with a shooting star candlestick on Tuesday 12/26/2023, which was right in between the 50 & 200 day moving averages, setting the stage for the declines of the rest of the week.

The next day opened just below Tuesday’s close, tested higher but ultimately declined through the support of the 200 day moving average on light volume, which could be attributed to people taking time off for the holiday, or it could show indecision about the strength of the 200 DMA.

Thursday brought the sellers out in full force, with the session opening below the 10 day moving average, temporarily rising above its resistance, but ultimately falling back down & the day declined ~-5% from Wednesday’s close.

Friday the risk off sentiment continued, with the session opening above the day prior’s close, but ultimately it was risk-off sentiment going into the weekend & sellers forced the price lower.

This week kicked off on Tuesday with UCO opening near Friday’s opening price, but the sellers came back out in full force & drove the price down -2.18% on the day.

Their lows have been increasing since mid-December, but their moving averages are currently painting a bearish picture for the near-term, with the current price being below the 10, 50 & 200 day moving averages, all of which are moving bearishly.

The 50 DMA is set to make a death cross with the 200 DMA in the coming days which is also something that investors & traders will need to keep an eye on.

There are many support touch-points in the $25-26/share zone, as well as the $24-25/share zone which will be where all eyes focus in the event of further near-term declines.

The price level:volume sentiment analysis below can be used as an additional tool to identify the strength (or weakness) of support & resistance levels that UCO has traded at over the past 2-3 years.

Given that the volume data goes back that far, the chart below is also included, covering the technical performance of UCO for the past 3 years.

Price Level:Volume Sentiment Analysis For UCO, The ProShares Ultra Bloomberg Crude Oil ETF

The first chart below shows the current 1-year support & resistance levels for UCO, as well as the price level:volume sentiment for each touch-point.

The ratio of buyers:sellers can be used in addition to your other due diligence tools to assess the strength or weakness of the support/resistance levels based on previous investor behavior at these levels.

This is not investment advice & is only meant to serve as an additional perspective to consider when looking at price charts.

While most of the support levels seen below are dominated by sellers, the $24-25 price level historically has seen 1.08:1 Sellers:Buyers, which may indicate that there will be stronger support there than at the $25-26/share level (Sellers, 1.29:1) or the $21-22/share (Sellers, 4.31:1) price levels.

Another important consideration to take when reading the information below is that at price extremes there will tend to be more of a skew to one side or the other.

This is in part due to the extreme levels inciting more volatile, higher volume trading, and the appearance of gaps up or down from the extreme price levels when market participants finally run out of steam.

$49 – NULL – 0:0*; +91.93% From Current Price Level

$48 – NULL – 0:0*; +88.01% From Current Price Level

$47 – NULL – 0:0*; +84.1% From Current Price Level

$46 – Buyers – 0.3:0*; +80.18% From Current Price Level

$45 – NULL – 0:0*; +76.26% From Current Price Level

$44 – Sellers – 1.5:1; +72.35% From Current Price Level

$43 – NULL – 0:0*; +68.43% From Current Price Level

$42 – Buyers – 0.5:0*; +64.51% From Current Price Level

$41 – Sellers – 0.3:0*; +60.6% From Current Price Level

$40 – Sellers – 0.3:0*; +56.68% From Current Price Level

$39 – Buyers – 4:1; +52.76% From Current Price Level

$38 – Buyers – 1.5:1; +48.48% From Current Price Level

$37 – Buyers – 8.33:1; +44.93% From Current Price Level

$36 – Sellers – 1.88:1; +41.01% From Current Price Level

$35 – Sellers – 1.45:1; +37.09% From Current Price Level

$34 – Buyers – 1.71:1; +33.18% From Current Price Level

$33 – Sellers – 1.4:1; +29.26% From Current Price Level

$32 – Buyers – 1.26:1; +25.43% From Current Price Level

$31 – Sellers – 1.33:1; +21.43% From Current Price Level

$30 – Buyers – 1.79:1; +17.51% From Current Price Level

$29 – Sellers -1.04:1; +13.59% From Current Price Level – 50 Day Moving Average*

$28 – Sellers – 1.8:1; +9.67% From Current Price Level – 200 Day Moving Average*

$27 – Sellers – 1.61:1; +5.76% From Current Price Level – 10 Day Moving Average

$26 – Sellers – 1.03:1; +1.84% From Current Price Level

$25 – Sellers – 1.29:1; -2.08% From Current Price Level – Current Price Block*

$24 – Sellers – 1.08:1; -5.99% From Current Price Level

$23 – Sellers – 1.08:1; -9.91% From Current Price Level

$22 – Sellers – 2.27:1; -13.83% From Current Price Level

$21 – Sellers – 4.31:1; -17.74% From Current Price Level

$20 – NULL – 0:0*; -21.66% From Current Price Level

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN UCO ETF AT THE TIME OF PUBLISHING THIS ARTICLE ***

Bank of America Corp. stock trades under the ticker BAC & has gained +10.16% over the past year (ex-dividends), falling -8.27% since their 52-week high in February of 2023, but has reclaimed +35.98% since their 52-week low in October of 2023.

Below is a brief technical analysis of BAC’s recent price performance, as well as a price level:volume sentiment analysis that covers price data for the past 5-6 years.

Before going forward please note that I have both a long position in BAC shares, as well as a short position against them as well using puts.

Technical Analysis Of Bank Of America Corp. BAC Stock

Their RSI is overbought at 83.06, while their MACD is bullish currently after the price action of the past two sessions extended it from approaching a bearish crossover.

Volumes over the past week have been +12.03% above average compared to the year prior (53,813,820 vs. 48,035,243.43), mostly driven by Wednesday’s session (~2x Friday, Monday & Tuesday’s average) & Thursday’s, which in one day was almost the sum of the first three days in the calculation.

Given how overextended the broader markets look this volume spike looks more like a last minute squeeze, rather than a new trend being established & a means of pumping one last profit before a consolidation period.

The window from Thursday’s gap up session will be an area to watch next week as a result, as there is only one support level currently within the window range, pending the 10 day moving average doesn’t move up into it in the meantime.

BAC stock’s 50 day moving average is approaching their 200 DMA quickly & looks primed to form a golden cross in the coming days, which may help catch prices for a day or two should they decline sharply prior.

Given their current technical outlook & the technical outlook of the major indexes, it is a good time to look at their price level:volume sentiment to assess the strength & weakness of their nearby support & resistance levels.

The data below is from the past 5-6 years, with the ratio of Buyers:Sellers (or Sellers:Buyers) for each price level that BAC stock has traded at over that time period.

While the support & resistance levels noted in the top image of the next section are only for the past year’s chart, the chart below contains data that covers the range of price level:volume sentiment data for your reference.

Please note that this is meant to serve as a barometer or compass rose & be used as supporting information to help with investing research, but should not be taken as investment advice.

Price Level:Volume Sentiment For Bank Of America Corp. BAC Stock

$48 – NULL – 0:0*; +41.43% From Current Price Level

$47 – NULL – 0:0*; +38.48% From Current Price Level

$46 – Sellers – 2:1; +35.53% From Current Price Level

$45 – Buyers – 4.5:1; +32.59% From Current Price Level

$44 – Buyers – 1.31:1; +29.64% From Current Price Level

$43 – Sellers – 1.13:1; +26.69% From Current Price Level

$42 – Buyers – 1.73:1; +23.75% From Current Price Level

$41 – Sellers – 2.58:1; +20.8% From Current Price Level

$40 – Sellers – 1.25:1; +17.86% From Current Price Level

$39 – Buyers – 1.74:1; +14.91% From Current Price Level

$38 – Buyers – 1.12:1; +11.96% From Current Price Level

$37 – Buyers – 1.25:1; +9.02% From Current Price Level

$36 – Buyers – 1.19:1; +6.07% From Current Price Level

$35 – Sellers – 1.27:1; +3.12% From Current Price Level

$34 – Buyers – 1.37:1; +0.18% From Current Price Level

$33 – Buyers – 1.26:1; -2.77% From Current Price Level – Current Price Box*

$32 – Sellers – 1.33:1; -5.72% From Current Price Level

$31 – Buyers – 1.21:1; -8.66% From Current Price Level – 10 Day Moving Average*

$30 – Buyers – 1.15:1; -11.61% From Current Price Level

$29 – Sellers – 1.5:1; -14.56% From Current Price Level

$28 – Buyers – 1.53:1; -17.5% From Current Price Level – 50 & 200 Day Moving Averages**

$27 – Sellers – 1.06:1; -20.45% From Current Price Level

$26 – Buyers – 1.18:1; -23.39% From Current Price Level

$25 – Buyers – 1.1:1; -26.34% From Current Price Level

$24 – Sellers – 1.04:1; -29.29% From Current Price Level

$23 – Buyers – 1.2:1; -32.23% From Current Price Level

$22 – Buyers – 2:1; -35.18% From Current Price Level

$21 – Sellers – 1.37:1; -38.13% From Current Price Level

$20 – Sellers – 1.27:1; -41.07% From Current Price Level

$19.50 – Sellers – 1.88:1; -42.55% From Current Price Level

$19 – Buyers – 3.6:1; -44.02% From Current Price Level

$18.50 – Sellers – 7:1; -45.49% From Current Price Level

$18 – Sellers – 0.4:0*; -46.97% From Current Price Level

$17.50 – Sellers – 0.4:0*; -48.44% From Current Price Level

$17 – NULL – 0:0*; -49.91% From Current Price Level

$16.50 – Sellers – 0.7:0*; -51.38% From Current Price Level

$16 – NULL – 0:0*; -52.86% From Current Price Level

*** I OWN A LONG POSITION IN BAC STOCK SHARES & ALSO CURRENTLY HAVE A SHORT POSITION AGAINST THEM AT THE TIME OF PUBLISHING THIS ARTICLE ***

Microsoft Corp. stock trades under the ticker MSFT & has had an excellent past year, advancing +53.32% (ex-dividends).

They currently sit -3.07% below their 52-week high (November 2023) & have climbed +69.83% since their 52-week low from January of 2023.

While this close to their 52-week high & with broader markets looking as stretched thin as they do, it’s a good time to analyze how market participants have behaved at each price level that they have traded at over the past couple of years.

The article below will outline a brief technical analysis of MSFT stock, with a price level:volume sentiment analysis.

Technical Analysis Of Microsoft Corp. MSFT Stock

After hitting a fresh 52-week high a week & a half ago, MSFT stock has seen folks taking profits off of the table, which has led to their RSI retreating back towards neutral from the overbought range it was in & it now sits at 57.77.

Their MACD has accordingly been bearish for the past week,with the support of the 10 day moving average being broken through on last Thursday’s declining session.

Volumes over the past week (including yesterday) have still been +5.8% above average compared to the year prior (29,527,480 vs. 27,909,797.61), which is worth noting after a week where SPY’s volumes were -23.93% below average, QQQ’s volumes were -31.47% below average, IWM’s volumes were +11.49% above average & DIA’s volumes were -8.7% below average (all compared to the year prior).

This is worth noting as the major indexes are clearly running out of steam & enthusiasm & while MSFT is still trading with above average volume, in the last two weeks it has primarily been dominated by the bears, as profits have been taken.

Over the past week, only last Wednesday’s bullish session’s volume has been noteworthy (for bullish volume), which resulted in a candle that would be characterized as a hanging man with a lower close than open (but still bullish session), except for the fact that the day prior’s bearish session was the establishment of the new 52-week high.

As noted above, it will be important to keep an eye on the resistance that their 10 DMA is now providing on price action & how it fares in relation to the support levels between the price & the 50 DMA, which will continue to move upwards as time passes along.

Another key area to look at is the emergence of a bearish head & shoulders pattern emerging, with the head being the 52-week high set last week & the left shoulder being either formed in July or June of 2023 (5-6 months back).

The moving averages will likely be what helps extend a consolidation range to fulfill the H&S pattern (should it play out), as the 200 DMA is currently approaching the previous consolidation ranges that led into the run up to the 52-week high from the left shoulder(s).

Friday’s candlestick is also telling, as it resulted in a dragonfly doji on a gap down session & set the stage for Monday’s session to be bullish & fill in the window created by the gap (dead cat bounce).

With such poor volume in terms of seller volume to buyer volume, more declines appear to be on the near-term horizon.

MSFT stock’s Average True Range is also flashing warning lights, with yesterday’s bullish session flattening out the indicator line, after the declining sessions prior showed it returning back to its mean.

While they have multiple support touch-points from their previous consolidation range noted above, it is important now to see how strong each of those price levels have been historically.

Below is the Buyers:Sellers (and vice-versa) ratio for the price levels that MSFT stock has traded at over the past 1-2 years & can serve as a guide to how strong/weak each of the support levels (& resistance levels) may be in the near-term, based on the behavior of market participants in the recent past.

It should be read as a barometer reading (not a thermometer), as while history does not repeat itself, it does often rhyme.

Microsoft Corp. MSFT Price Level:Volume Sentiment

$388 – NULL – 0:0*; +4.21% From Current Price Level

$384 – NULL – 0:0*; +3.14% From Current Price Level

$380 – Buyers – 0.4:0*; +2.06% From Current Price Level

$376 – Buyers – 5:1; +0.99% From Current Price Level – 10 Day Moving Average*

$372 – Sellers – 2.3:0*; -0.09% From Current Price Level – Current Price Box*

$368 – Buyers – 1.36:1; -1.16% From Current Price Level

$364 – Sellers – 0.3:0*; -2.23% From Current Price Level

$360 -Buyers – 0.7:0*; -3.31% From Current Price Level

$356 – Buyers – 3.33:1; -4.38% From Current Price Level

$352 – Buyers – 1.22:1; -5.46% From Current Price Level

$348 – Buyers – 1:0*; -6.53% From Current Price Level

$344 – Buyers – 4.33:1; -7.61% From Current Price Level – 50 Day Moving Average*

$340 – Sellers – 1.39:1; -8.68% From Current Price Level

$336 – Buyers – 2.81:1; -9.76% From Current Price Level

$332 – Buyers – 1.65:1; -10.83% From Current Price Level

$328 – Buyer s- 1.24:1; -11.9% From Current Price Level

$324 – Sellers – 1.62:1; -12.98% From Current Price Level

$320 – Buyers – 1.57:1; -14.05% From Current Price Level

$316 – Sellers – 1.70:1; -15.13% From Current Price Level – 200 Day Moving Average*

$312 – Sellers – 1.1:1; -16.2% From Current Price Level

$308 – Buyers – 1.67:1; -17.28% From Current Price Level

$304 – Sellers – 1.17:1; -18.35% From Current Price Level

$300 – Buyers – 1.21:1; -19.42% From Current Price Level

$296 – NULL – 0:0*; -20.5% From Current Price Level

$292 – Buyers – 2.4:0*; -21.57% From Current Price Level

$288 – Buyers – 5.67:1; -22.65% From Current Price Level

$284 – Sellers – 1.09:1; -23.72% From Current Price Level

$280 – Sellers – 2.08:1; -24.8% From Current Price Level

$276 – Buyers – 3.11:1; -25.87% From Current Price Level

$272 – Sellers – 1.25:1; -26.94% From Current Price Level

$268 – Buyers – 1.18:1; -28.02% From Current Price Level

$264 – Sellers – 1.07:1; -29.09% From Current Price Level

$260 – Sellers – 1.02:1; -30.17% From Current Price Level

$256 – Buyers – 1.12:1; -31.24% From Current Price Level

$252 – Buyers – 2.05:1; -32.32% From Current Price Level

$248 – Sellers – 2.22:1; -33.39% From Current Price Level

$244 – Buyers – 2.12:1; -34.46% From Current Price Level

$240 – Sellers – 2.27:1; -35.54% From Current Price Level

$236 – Sellers – 1.15:1; -36.61% From Current Price Level

$232 – Sellers – 1.72:1; -37.69% From Current Price Level

$228 – Sellers – 4.9:1; -38.76% From Current Price Level

$224 – Sellers – 1.43:1; -39.84% From Current Price Level

$220 – Sellers – 1.4:1; -40.91% From Current Price Level

$216 – Buyers – 1.13:1; -41.99% From Current Price Level

$212 – Sellers – 0.9:0*; -43.06% From Current Price Level

$208 – NULL – 0:0*; -44.13% From Current Price Level

JETS, the U.S. Global Jets ETF has had a volatile year, climbing +17.81% from their 52-week low in September of 2022, but declining -22.67% from their 52-week high in July of 2023 (ex-distributions).

The ETF is composed of Southwest Airlines Co. (LUV, 9.98%), Delta Air Lines Inc. (DAL, 9.96%), United Airlines Holdings Inc. (UAL, 9.8%), American Airlines Group Inc. (AAL, 9.77%), Hawaiian Holdings Inc. (HA, 3.11%), Alaska Air Group Inc. (ALK, 3.07%) & more.

As broader market volatility heats up it’s worth checking in to see how buyers:sellers have interacted at the various prices that JETS has traded at in recent history (4-5 years) in order to better anticipate how they may behave in the near-future & to have an understanding of how strong support & resistance levels may be.

The Price:Volume analysis below seeks to display the volume at specific share-price levels from over the past one-to-two years & is intended to serve as a reference point for how investors viewed JETS ETF’s value at each level.

It also includes a list of moving averages, as well as support & resistance levels, which will be marked in bold.

Breaking Down The Technicals & Price:Volume Sentiment For JETS, The U.S. Global Jets ETF

Their RSI is deeply oversold at 20.91, while their MACD is bearish but flattening out to attempt a bullish crossover in the coming week.

Unlike the major indexes & many of the other names that we have dug into this week, JETS has traded at +13.1% higher than average volume over the past week & a half compared to the year prior (4,314,025 vs. 3,814,177.29).

Sellers have dominated the battle since mid-July when they began a steep decline from their 52-week high, although 2 of the heaviest volume sessions in the past week & a half favored buyers.

JETS’s moving averages all are telling a foreboding message, with the 200 day moving average beginning to curl over bearishly & the 50 day moving average ready to make a death cross through it in the coming week.

The candlesticks of the past week & a half have been primarily bearish.

Last Monday the week kicked off with a spinning top signaling indecision among investors, followed by a gravestone doji on Tuesday which carries bearish implications.

Sure enough, Wednesday’s session was a gap down with a wide range & Thursday’s session opened higher than Wednesday’s, but it was barely able to break out above the prior day’s real body, tested the lows of it & ended up closing lower than it opened.

Friday resulted in another doji on higher than average volume within the past week & a half, but the mood was risk off as the close was narrowly lower than the open going into the weekend.

The decline continued on Monday, with the highest volume day of the past week & a half on a spinning top candlestick Tuesday.

Yesterday confirmed the indecision of the Tuesday when prices made a break upwards but were unable to match the resistance of the 10 DMA & the session closed out below the low of Tuesday.

Today appears to be following a similar track, as the price has declined & is sitting atop the lower Bollinger Band.

JETS’s Average True Range is moving away from its mean still, but after today’s session will take into account a larger price decline from the first week of September & we will likely see a brief consolidation range while indicators revert to their means before the decline continues.

The bold prices on the image below denote the moving average levels just listed & the bold entries in the list form of the analysis under the images include other levels of support.

Each corresponding price level using a ratio of Buyers:Sellers (or Sellers:Buyers), NULL values denote that there was not enough data, so the ratio would’ve been 0:0.

Ratios with a 0 for the denominator/constant are denoted with an *, but are reported as is, as we are accounting for volume/sentiment.

JETS, The U.S. Global Jets ETF’s Volume By Price Level Over The Past 4-5 Years

$33 – NULL – 0:0*; +88.25% From Current Price Level

$32 – NULL – 0:0*; +82.54% From Current Price Level

$31 – NULL – 0:0*; +76.84% From Current Price Level

$30 – NULL – 0:0*; +65.43% From Current Price Level

$29 – NULL – 0:0*; +65.43% From Current Price Level

$28 – Buyers – 0.7:0*; +59.73% From Current Price Level

$27 – Sellers – 1.67:1; +54.02% From Current Price Level

$26 – Buyers – 2.05:1; +48.32% From Current Price Level

$25 – Sellers – 2.23:1; +42.61% From Current Price Level

$24 – Buyers – 1.58:1; +36.91% From Current Price Level

$23 – Buyers – 1.2:1; +31.2% From Current Price Level

$22 – Buyers – 1.03:1; +25.5% From Current Price Level

$21 – Buyers – 1.2:1; +19.79% From Current Price Level

$20 – Sellers – 1.02:1; +14.09% From Current Price Level

$19.50 – Sellers – 1.67:1; +11.24% From Current Price Level – 50 Day Moving Average

$19 – Buyers – 1.08:1; +8.39% From Current Price Level – 200 Day Moving Average

$18.50 – Buyers – 1.08:1; +5.53% From Current Price Level

$18 – Buyers – 1.23:1; +2.68% From Current Price Level

$17.50 – Buyers – 1.25:1; -0.17% From Current Price Level – Current Price Level & 10 Day Moving Average

$17 – Buyers – 1.05:1; -3.02% From Current Price Level – Current Price Level

$16.50 – Sellers – 1.57:1; -5.88% From Current Price Level

$16 – Sellers – 2.33:1; -8.73% From Current Price Level

$15.50 – Buyers – 1.73:1; -11.58% From Current Price Level

$15 – Sellers – 2.7:1; -14.43% From Current Price Level

$14.50 – Even – 1:1; -17.28% From Current Price Level

$14 – Buyers – 2:1; -20.14% From Current Price Level

$13.50 – Sellers – 1.67:1; -22.99% From Current Price Level

$13 – Sellers – 2.33:1; -25.84% From Current Price Level

$12.50 – Sellers – 1.5:1; -28.69% From Current Price Level

$12 – Sellers – 1.5:1; -31.55% From Current Price Level

$11.50 – NULL – 0:0*; -34.4% From Current Price Level

$11 – NULL – 0:0*; -37.25% From Current Price Level

Tying It All Together

The list & image above paint the picture as to how investors & traders have behaved at various price levels that JETS has been at over the past four-to-five years.

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

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

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

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN JETS AT THE TIME OF PUBLISHING THIS ARTICLE ***

Schlumberger Ltd. stock trades under the ticker SLB & has climbed +83.35% since their 52-week low in September of 2022 (ex-dividends), closely in-line with the advances of OIH who were featured in yesterday’s post.

SLB makes up ~20% of OIH’s total holdings & is also a component of IEZ (22.34%), XLE (4.54%), PXJ (5.02%), XES (4.2%), IYE (4.45%) RSPG (4.41%), DRLL (4.36%) & many other ETFs, hence the similar performance of the stock & the ETF.

As SLB currently sits -2.69% below their 52-week high, it’s worth taking a look into how market participants have behaved in recent history at each price level that they’ve traded at in order to gain insight into how they may behave in the near future.

This will serve as a reference for how strong support & resistance levels may be when they are approached again.

The Price:Volume analysis below seeks to display the volume at specific share-price levels from over the past one-to-two years & is intended to serve as a reference point for how investors viewed SLB stock’s value at each level.

It also includes a list of moving averages, as well as support & resistance levels, which will be marked in bold.

Breaking Down The Technicals & Price:Volume Sentiment For Schlumberger Ltd. SLB Stock

Their RSI is trending back towards neutral & currently sits at 55.71, with a MACD that is about to crossover bearishly in the coming 1-2 days.

SLB’s volumes over the past week & a half have been -6.65% below average compared to the year prior (9,960,342.86 vs. 10.670,062.95), indicating that investors have become hesitant at these high price levels to continue buying & are taking a break during this consolidation range.

One thing of note, Friday’s session had the highest volume in a risk off move into the weekend, where a spinning top candle was unable to break the resistance of the 10 day moving average.

There looks to be a bearish head & shoulders pattern forming that began forming in July/early August, where the head would be the 52-week high’s session.

The profit taking from that +12.35% run up to the high covered a much wider range of prices for the day’s session, but occurred on ~33% of the volume of the highest volume sell off day & the former session was supported by the 10 DMA, whereas the latter was unable to close above it.

This may serve as confirmation that we will see that pattern formation play out in the coming month if the 10 DMA continues to act as resistance in the coming days.

Monday’s session was another spinning top & while bullish, the price action for the day in terms of the open & the close were concentrated around the bottom of the candle, barely above the 10 DMA.

Yesterday’s session closed below the 10 DMA, with the lower shadow of the candle signaling that investors were even more bearish on the day, which looks likely to continue in the near-term.

Looking at their Average True Range (ATR, Bottom Pane of Chart), the ATR is reverting back to the mean as their price deflates, which signals that there is likely going to be more selling over the next couple of weeks before a new consolidation range is established.

With this in mind, when reading the chart & list below keep in mind the Buyer:Seller sentiment at each price level SLB trades at in the coming weeks to see if there are clues from their past 1-2 years’ of price data for how the markets will react, particularly around key support levels.

The bold prices on the image below denote the moving average levels just listed & the bold entries in the list form of the analysis under the images include other levels of support.

Each corresponding price level using a ratio of Buyers:Sellers (or Sellers:Buyers), NULL values denote that there was not enough data, so the ratio would’ve been 0:0.

Ratios with a 0 for the denominator/constant are denoted with an *, but are reported as is, as we are accounting for volume/sentiment.

Schlumberger Ltd. SLB Stock’s Volume Sentiment At Each Price Level Over The Past 1-2 Years

$63 – NULL – 0:0*; +4.22% From Current Price

$62 – NULL – 0:0*; +2.56% From Current Price

$61 – NULL – 0:0*; +0.91% From Current Price

$60 – NULL – 0:0*; -0.74% From Current Price – Current Price Level & 10 Day Moving Average

$59 – Buyers – 12:1; -2.4% From Current Price

$58 – NULL – 0:0*; -4.05% From Current Price – 50 Day Moving Average

$57 – Buyers – 2.15:1; -5.71% From Current Price

$56 – Sellers – 1.29:1; -7.36% From Current Price

$55 – Buyers – 1.05:1; -9.02% From Current Price

$54 – Buyers – 1.33:1; -10.67% From Current Price

$53 – Buyers – 2.5:1; -12.32% From Current Price

$52 – Buyers – 1.95:1; -13.98% From Current Price – 200 Day Moving Average

$51 – Buyers – 1.33:1; -15.63% From Current Price

$50 – Sellers – 1.11:1; -17.29% From Current Price

$49 – Sellers – 1.56:1; -18.94% From Current Price

$48 – Buyers – 1.48:1; -20.6% From Current Price

$47 – Buyers – 1.86:1; -22.25% From Current Price

$46 – Sellers – 1.04:1; -23.9% From Current Price

$45 – Buyers – 1.89:1; -25.56% From Current Price

$44 – Sellers – 1.65:1; -27.21% From Current Price

$43 – Buyers – 1.47:1; -28.87% From Current Price

$42 – Buyers – 1.8:1; -30.52% From Current Price

$41 – Buyers – 1.64:1; -32.18% From Current Price

$40 – Buyers – 1.41:1; -33.83% From Current Price

$39 – Buyers – 3:1; -35.48% From Current Price

$38 – Buyers – 2.29:1; -37.14% From Current Price

$37 – Sellers – 1.96:1; -38.79% From Current Price

$36 – Sellers – 2.5:1; -40.45% From Current Price

$35 – Buyers – 1.42:1; -42.1% From Current Price

$34 – Sellers – 2.57:1; -43.76% From Current Price

$33 – Sellers – 1.19:1; -45.41% From Current Price

$32 – Sellers – 6.25:1; -47.06% From Current Price

$31 – Buyers – 2:1; 48.72% From Current Price

$30 – Sellers – 0.6:0*; -50.37% From Current Price

$29 – NULL – 0:0*; -52.03% From Current Price

Tying It All Together

The list & images above paint the picture as to how investors & traders have behaved at various price levels that SLB has been at over the past one-to-two years.

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

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

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

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SLB AT THE TIME OF PUBLISHING THIS ARTICLE ***