Category: Stock & ETF Research

XLK, the Technology Select Sector SPDR Fund ETF has declined -15.77% since their 52-week high, which was reached on 7/11/2024.

While they’re still up +17.77% over the past calendar year & +25.8% since their 52-week low in October of 2023, recent technical weakness amid broader market volatility calls for another look at their more recently updated price level:volume sentiment.

As noted last time we dove into XLK’s price level:volume sentiment their ten largest holdings are Applied Materials Inc. (AMAT), Qualcomm Inc. (QCOM), Microsoft Corp. (MSFT), NVIDIA Corp. (NVDA), Apple Inc. (AAPL), Broadcom Inc. (AVGO), Advanced Micro Devices (AMD), Adobe Inc. (ADBE), Salesforce Inc. (CRM) & Oracle Corp. (ORCL).

Given the recent selloff in large tech names, including by company insiders such as NVDA’s CEO Jensen Huang selling ~$500M in shares this summer alone, it appears that there may be more volatility on the near-term horizon.

With this in mind, it is important to understand previous investor behavior when XLK has traded in the price ranges it is in now, especially as its components all look to have more volatility ahead.

Below is a brief review of XLK’s recent technical performance, followed by the volume sentiments for each of the price levels that they have traded at over the past 2-3 years, in order to have an idea as to how they may behave again at these levels.

It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence into XLK.

Technical Analysis Of XLK, The Technology Sector Select SPDR Fund ETF

Their RSI is bouncing back from the oversold level of 30 & sits at 33.57 per 8/6/2024’s close & their MACD is still heavily bearish, with the histogram not indicating much weakness in terms of bearish sentiment yet.

Volumes over the past week & a half have been +39.79% higher than the previous year’s average volume (8,875,842.86 vs. 6,349,194.05), primarily driven by Monday’s massive declining session that brought about the second highest volume of the past year.

Monday’s session is also important as it showed that there is appetite for XLK to trade below its 200 day moving average, which will be important to keep an eye on moving into the second half of the year.

XLK’s 10 day moving average crossed bearishly through their 50 day moving average last Monday, leading the way for a bearish head & shoulders pattern was formed this week that began in April.

Last Friday’s gap down is an area to take note of as well for the near-term, as in addition to the bearish implications the long-legged doji candle shows that there is a lot of indecision & uncertainty as to where XLK should be valued at the moment.

Friday’s heavy volume should also be noted, as between Thursday, Friday & Monday there was a lot of profit taking & while Tuesday’s volumes were heavier that the first two days mentioned there, if the following days are not also heavy there will be a signal of extreme low confidence.

Monday’s candle is very interesting, as it opened low, was able to test higher but was rejected by the 200 day moving average’s resistance & closed lower, although the day’s close was still +3.12% higher than its open.

While the day’s close being that much higher than the open might normally be seen as a bullish signal, the rejection by the 200 DMA & the inability of Tuesday to open or close above it adds a bit of doubt in the near-term sentiment.

In the event that there is further downside movement that wide range covered by the candle’s body may be where a consolidation range forms.

Yesterday’s candle was also a long-legged doji, which despite being a +1.36% session, most of the gain was made on the opening gap up & neither bulls nor bears were in control of the session as a whole.

While the lower range of the day stayed above Monday’s close, the session was unable to close above the 200 DMAs resistance.

While today (Wednesday) has managed to open higher, it will be interesting to see how XLK holds up against the strength of resistance from both the window created by last Friday’s gap & the 10 DMA, which is about to enter said window & apply downward pressure on XLK’s share price.

With all of this volatility & indecision in mind, it is imperative to be paying attention to volume & volume trends, as at the end of the day they will be what is moving price action, especially as XLK’s price gets closer to testing the 10 DMA’s resistance.

It should also be noted that this week features very little in terms of market data, but next week PPI (Tuesday) & CPI (Wednesday) are being released, which will likely add to the volatility.

With this in mind, the table below may be able to shed some insight into how XLK’s prices move during these times of heightened volatility.

XLK, The Technology Sector Select SPDR Fund ETF’s Price Level:Volume Sentiment Broken Down

The top table below shows the support & resistance levels of XLK ETF from the past year’s chart, as well as their price level:volume sentiment at each, using Monday’s closing price.

The moving averages are denoted with bold.

The next charts show the volume sentiment at each individual price level XLK has traded at over the past ~2-3 years.

Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.

All ratios with “0” in the denominator are denoted with a “*”.

NULL values are price levels that had limited trading volume, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.

This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on XLK ETF or any of its components.

$240 – NULL – 0:0*, +19.65% From Current Price Level

$236 – Buyers – 0.4:0*, +17.65% From Current Price Level

$232 – Buyers – 3:1, +15.66% From Current Price Level

$228 – Sellers – 1.31:1, +13.66% From Current Price Level

$224 – Buyers – 2.22:1, +11.67% From Current Price Level

$220 – Sellers – 1:0*, +9.68% From Current Price Level – 50 Day Moving Average*

$216 – Buyers – 1.7:0*, +7.68% From Current Price Level

$212 – Buyers – 1.13:1, +5.69% From Current Price Level

$208 – Buyers – 2.25:1, +3.69% From Current Price Level – 10 Day Moving Average*

$204 – Buyers – 1.14:1, +1.7% From Current Price Level

$200 – Buyers – 1.16:1, -0.29% From Current Price Level – 200 Day Moving Average & Current Price Level**

$198 – Even – 1:1, -1.29% From Current Price Level

$196 – Sellers – 2.13:1, -2.29% From Current Price Level

$194 – Buyers – 1.67:1, -3.29% From Current Price Level

$192 – Sellers – 1.15:1, -4.28% From Current Price Level

$190 – Buyers – 5:1, -5.28% From Current Price Level

$188 – Buyers – 1.67:1, -6.28% From Current Price Level

$186 – Buyers – 1.8:1, -7.27% From Current Price Level

$184 – Buyers – 3.75:1, -8.27% From Current Price Level

$182 – Sellers – 1.27:1, -9.27% From Current Price Level

$180 – Buyers – 1.17:1, -10.26% From Current Price Level

$178 – Buyers – 1.56:1, -11.26% From Current Price Level

$176 – Buyers – 5:1, -12.26% From Current Price Level

$174 – Sellers – 1.24:1, -13.26% From Current Price Level

$172 – Buyers – 1.4:1, -14.25% From Current Price Level

$170 – Buyers – 1.79:1, -15.25% From Current Price Level

$168 – Buyers – 2.75:1, -16.25% From Current Price Level

$166 – Sellers – 1.26:1, -17.24% From Current Price Level

$164 – Buyers – 1.31:1, -18.24% From Current Price Level

$162 – Buyers – 1.6:1, -19.24% From Current Price Level

$160 – Buyers – 1.45:1, -20.24% From Current Price Level

$158 – Buyers – 1.18:1, -21.23% From Current Price Level

$156 – Buyers – 2.1:0*, -22.23% From Current Price Level

$154 – Sellers – 5.38:1, -23.23% From Current Price Level

$152 – Buyers – 1.4:1, -24.22% From Current Price Level

$150 – Buyers – 1.13:1, -25.22% From Current Price Level

$148 – Sellers – 1.06:1, -26.22% From Current Price Level

$146 – Sellers – 1.16:1, -27.21% From Current Price Level

$144 – Buyers – 1.54:1, -28.21% From Current Price Level

$142 – Buyers – 1.08:1, -29.21% From Current Price Level

$140 – Sellers – 1.37:1, -30.21% From Current Price Level

$138 – Sellers – 1.03:1, -31.2% From Current Price Level

$136 – Sellers – 1.42:1, -32.2% From Current Price Level

$134 – Buyers – 1.53:1, -33.2% From Current Price Level

$132 – Sellers – 1.3:1, -34.19% From Current Price Level

$130 – Buyers – 1.56:1, -35.19% From Current Price Level

$128 – Sellers – 1.94:1, -36.19% From Current Price Level

$126 – Buyers – 1.04:1, -37.19% From Current Price Level

$124 – Buyers – 1.22:1, -38.18% From Current Price Level

$122 – Buyers – 1.2:1, -39.18% From Current Price Level

$120 – Sellers – 2.32:1, -40.18% From Current Price Level

$118 – Buyers – 1.1:1, -41.17% From Current Price Level

$116 – Sellers – 2.4:0*, -42.17% From Current Price Level

$114 – Sellers – 2.7:0*, -43.17% From Current Price Level

$112 – NULL – 0:0*, -44.16% From Current Price Level

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

DTCR, the Global X Data Center & Digital Infrastructure ETF has had a good past year, gaining +15.15% (ex-distributions), including a 31.4% advance from their 52-week low in October of 2023 while only being -5.38% below their 52-week high set in March of 2024 (using Thursday’s closing price).

It’s no secret that the biggest talked about names in the market over the past year have been in the AI/Data Center & Digital Infrastructure space, a trend which looks to continue into the future as technologies continue to evolve.

Some of the fund’s largest holdings include American Tower Corp (AMT), Equinix Inc. (EQIX), Digital Realty Trust Inc. (DLR), Crown Castle Inc. (CCI), SBA Communications Corp. (SBAC), Keppel DC REIT (KDCREIT SP), GDS Holdings LTD – ADR (GDS), China Tower Corp LTD-H (788 HK), NextDC LTD (NXT AU) & Sarana Menara (TOWR IJ).

Given their recent performance & the volatile period markets have recently entered it is a good time to take a look at the volume sentiment around DTCR’s support & resistance levels.

Below is a brief technical analysis of DTCR’s recent performance, as well as a breakdown of DTCR’s volume sentiment at the price levels it has traded at over the past ~4 years.

It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence into DTCR or any of its components.

Technical Analysis Of DTCR, The Global X Data Center & Digital Infrastructure ETF

Their RSI is currently near the neutral level & sits at 54.02, while their MACD is bearish but moving towards the signal line, although today’s performance will likely drag it down more bearishly.

Volumes were +24.24% above their prior year’s average over the past week (39,080 vs. 31,415.48), mostly due to the gap up session of Wednesday & Thursday’s subsequent performance.

While this may typically be viewed as a sign of strength, the broader market sell off that we are experiencing is unlikely to spare DTCR & so it is not a bullish indication, especially given the status of their other indicators & oscillators.

Last Friday’s session was able to stop the bleeding of the previous two weeks with a close at about the 50 day moving average & leading to another bullish session at the beginning of this week.

Monday was not entirely a sign of strength though, as prices opened on a gap up, but tested down below the 50 DMA only to recover back above it, but still close below the opening price level.

If there had been an established uptrend prior to Monday the candle would be viewed as a hanging man (bearish).

This sour sentiment continued into Tuesday, when prices again tested below the 50 day moving average & were unable to recover to close above it, signaling that there was likely still trouble on the horizon & putting a damper on the prior two advancing sessions.

Wednesday had the highest volume of the week, likely either due to the high volumes of the advancing major indexes or perhaps a squeeze, resulting in a gap up session that marched higher throughout the day & was able to close above the support of the 10 day moving average.

Thursday signaled that the party is over & that the declines are ready to continue, with a shooting star candle on the session.

While there was also high volume on Thursday, the price covered such a wide range for the day that it included profit taking & should not have been viewed as purely bullish activity, particularly when you examine the height of the day’s upper shadow.

Intraday today DTCR’s gap from Wednesday has begun to fill in & the day’s candle as of 11:45 am has continued bearish implications as we look set into a “risk-off” into the weekend play across markets.

With that said, all eyes should be on whether DTCR forms a consolidation range in the area between the 10 & 50 DMAs, or if it declines further than that & makes a move at the $15.12-15.15 support zone.

Should that be broken, there will be downward pressure from the 10 & 50 DMAs & the $15.04 support level will become critical, as beyond that & the $14.95 point there is a lot of room to decline before any type of stable footing is found.

As their Average True Range perks up again, this should be something to be conscientious of & makes it imperative to understand how buyers & sellers have historically behaved at these support levels.

The data below can be used to help assess the strength of support & resistance levels for DTCR in the future, along with whatever other indicators, oscillators & market data that you prefer to use in your due diligence.

Price Level:Volume Sentiment Analysis Of DTCR, The Global X Data Center & Digital Infrastructure ETF

The top table below shows the support & resistance levels of DTCR ETF from the past year’s chart, as well as their price level:volume sentiment at each, using Thursday’s closing price.

The moving averages are denoted with bold.

The next charts show the volume sentiment at each individual price level DTCR has traded at over the past ~4 years.

Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.

All ratios with “0” in the denominator are denoted with a “*”.

NULL values are price levels that had limited trading volume, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.

This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on DTCR ETF or any of its components.

$18.50 – NULL – 0:0*, +19.51% From Current Price Level

$18 – NULL – 0:0*, +16.28% From Current Price Level

$17.50 – Buyers – 2:1, +13.05% From Current Price Level

$17 – Buyers – 4.5:1. +9.82% From Current Price Level

$16.50 – Sellers – 1.21:1, +6.59% From Current Price Level

$16 – Sellers – 1.71:1, +3.36% From Current Price Level

$15.50 – Buyers – 3.4:1. +0.13% From Current Price Level

$15 – Buyers – 1.06:1, -3.1% From Current Price Level – 10 & 50 day Moving Averages, Current Price Level***

$14.50 – Buyers – 1.14:1, -6.33% From Current Price Level – 200 Day Moving Average*

$14 – Buyers – 1.5:1, -9.56% From Current Price Level

$13.50 – Buyers – 1.83:1, -12.79% From Current Price Level

$13 – Buyers – 1.5:1, -16.02% From Current Price Level

$12.50 – Buyers – 1.3:1, -19.25% From Current Price Level

$12 – Sellers – 2.23:1, -22.48% From Current Price Level

$11.50 – Sellers – 2:0*, -25.71% From Current Price Level

$11 – Buyers – 4.5:1, -28.94% From Current Price Level

$10.50 – NULL – 0:0*, -32.17% From Current Price Level

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

URA, the Global X Uranium ETF has had a strong past year, advancing +47.72% (ex-distributions & using Tuesday 7/16/2024’s closing price & the adjusted closing price of 7/17/2023*).

Though they’ve fallen -9.54% since their 52-week high set on 5/20/2024, they’ve gained +42.22% since their 52-week low which occurred on 8/2/2023*.

With the acknowledgement that data centers & artificial intelligence are going to require more energy than what the U.S. currently has the capabilities of supplying, the conversation has begun to shift towards nuclear power as a solution.

For comparison on the power needs, current estimates state that a single data center uses the electricity equivalent of 50,000 homes.

An article I was reading the other day mentioned that Alphabet, Amazon & Microsoft have ~5,400 data centers, of which 600 are in full use.

That energy requirement comes out to ~30M homes worth of electricity, which is ~8x the number of houses in New Jersey (3.7M units, per NJLM), and it’s still only using 11% of the total number of data centers listed for those three companies.

Should this force more nuclear power generation there will be a greater demand for Uranium, making URA a prime candidate for investors to look at.

In addition to the exposure to the nuclear play, URA also has great international diversification, with only one of its top ten holdings being a US listed company (UEC, Uranium Energy Corp.).

While markets hover near all-time & 52-week highs as earnings season kicks off & market participants await a September FOMC interest rate announcement, there may be some volatility to present a more favorable entry to a position in URA.

It should be noted that URA pays a 5.75% distribution yield which can serve as a cushion for long-term holders in the event of a decline.

Below is a brief technical analysis of URA’s recent performance, as well as a breakdown of URA’s volume sentiment at the price levels it has traded at over the past 3-4 years.

It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence into URA.

* On 7/17/2023 URA closed at $21.879, but their adjusted close for this day was $20.61, which is why their overall annual quoted growth figure is larger than their 52-week low comparison, which is using the lowest of their quoted Low prices for the past year

Technical Analysis Of URA, The Global X Uranium ETF

Their RSI is currently just below the neutral mark of 50 & sits currently at 49.82, while their MACD is bullish but signaling signs of weakness & like there is an impending bearish crossover in the coming days.

Over the past week & a half (excluding today, 7/17/2024) volumes have been -0.37% below the prior year’s average (2,642,300 vs. 2,652,048.81), most notably helped by a high volume bullish session on last Wednesday & yesterday’s above average bearish session.

Volumes as a whole have been lower than average for the better part of the last ten weeks as indicated by the major four index ETFs (SPY, QQQ, IWM & DIA).

Last week kicked off on a bearish note Monday, but the 10 day moving average was able to provide support & led to a bullish Tuesday & Wednesday.

Wednesday’s session advanced +4.4% day-over-day, breaking through the resistance of the 50 day moving average on the highest volume seen in two months, but things began to fall apart from there.

Thursday sent out an ominous message, as the session opened on a gap up, tested slightly higher, before resulting in a hanging man candle (bearish) that closed lower than it opened (also bearish).

As Thursday implied, the sentiment was risk off going into the weekend, with a touch of uncertainty as a high wave spinning top candle marked the close of the declining session with light volume.

This week opened up to profit taking on Monday, where there was slightly more volume than Friday but it was still subdued.

Yesterday (Tuesday, 7/16/2024) was where actual trouble began to show, as URA declined below the support of the 50 day moving average & continued lower to test the 10 DMA’s support with its lower shadow, closing just above it.

Yesterday’s volumes were the second highest of the past week & a half & show that there mood appears to have currently soured on URA for the near-term.

This morning that theme continued as prices opened around the 10 DMA & quickly drifted lower.

URA’s Average True Range has been declining since the beginning of July, but should begin to climb if this volatility continues into the near-term.

The good news is that in the event that the declines do continue on, URA has one support touch-point in the $29-29.99/share range, and a cluster of support from $28.50 (200 Day Moving Average) to $28.99/share.

The $29-29.99/share range is currently dominated by Sellers over the past 3-4 years at a ratio of 1.12:1, but the $28-28.99/share range has seen Buyers besting the sellers at a ratio of 1.14:1 in that time period, which should add strength to the support zone.

The data below can be used to help assess the strength of support & resistance levels for URA in the future, along with whatever other indicators, oscillators & market data that you prefer to use in your due diligence.

Price Level:Volume Sentiment Analysis Of URA, The Global X Uranium ETF

The top table below shows the support & resistance levels of XLK ETF from the past year’s chart, as well as their price level:volume sentiment at each, using Monday’s closing price.

The moving averages are denoted with bold.

The next charts show the volume sentiment at each individual price level URA has traded at over the past ~3-4 years.

Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.

All ratios with “0” in the denominator are denoted with a “*”.

NULL values are price levels that had limited trading volume, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.

This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on URA ETF or any of its components.

URA ETF’S Price Level:Volume Sentiment Over The Past 3-4 Years

$34 – NULL – 0:0*, +12.73% From Current Price Level

$33 – NULL – 0:0*, +9.42% From Current Price Level

$32 – Buyers – 1.25:1, +6.1% From Current Price Level

$31 – Buyers – 4:1, +2.79% From Current Price Level

$30 – Buyers – 1.1:1, -0.53% From Current Price Level – CURRENT PRICE BOX & 10 & 50 DAY MOVING AVERAGES**

$29 – Sellers – 1.12:1, -3.85% From Current Price Level

$28 – Buyers – 1.14:1, -7.16% From Current Price Level – 200 Day Moving Average*

$27 – Buyers – 1.06:1, -10.48% From Current Price Level

$26 – Buyers – 1.48:1, -13.79% From Current Price Level

$25 – Buyers – 2.3:1, -17.11% From Current Price Level

$24 – Buyers – 1.36:1, -20.42% From Current Price Level

$23 – Buyers – 1.33:1, -23.74% From Current Price Level

$22 – Buyers – 1.43:1, -27.06% From Current Price Level

$21 – Buyers – 1.35:1, -30.37% From Current Price Level

$20 – Sellers – 1.41:1, -33.69% From Current Price Level

$19.50 – Buyers – 2.14:1, -35.34% From Current Price Level

$19 – Buyers – 1.43:1, -37% From Current Price Level

$18.50 – Buyers – 1.16:1, -38.66% From Current Price Level

$18 – Sellers – 1.53:1, -40.32% From Current Price Level

$17.50 – Sellers – 2:1, -41.98% From Current Price Level

$17 – Sellers – 1.58:1, -43.63% From Current Price Level

$16.50 – Sellers – 1.83:1, -45.29% From Current Price Level

$16 – Sellers – 5:1, -46.95% From Current Price Level

$15.50 – Sellers – 2:1, -48.61% From Current Price Level

$15 – NULL – 0:0*, -50.27% From Current Price Level

$14.50 – NULL – 0:0*, -51.92% From Current Price Level

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

XLK, the Technology Sector Select SPDR Fund ETF has had a strong year, advancing +32.41% since one year ago, including a 42.91% gain since its 52-week low in October of 2023 & it sits just 2% below its 52-week high set in June of 2024.

This great performance has been powered primarily by the boom in technology company names that we have seen over the past year, in particular ones associated with Artificial Intelligence.

XLK’s ten largest holdings include Microsoft Corp. NVIDIA Corp., Apple Inc., Broadcom Inc., Advanced Micro Devices, Adobe Inc., Salesforce Inc., Oracle Corp., Qualcomm Inc. & Applied Materials Inc.

While there has been a bit of a cool down period following the NVDA stock split recently many investors are still bullish on the space & given that the recent chart for NVDA & XLK look strikingly similar it is worth taking a closer look at volume sentiment at their recent price levels.

With markets near all-time highs but looking set to cool off there has been a lot of talk recently about bonds, making it worth diving into the strength of XLK’s support & resistance levels.

This will provide an understanding about how investors have previously behaved when XLK was at these pivotal price points & may shed insight into how their future behavior may play out if these levels are revisited.

Below is a brief review of XLK’s recent technical performance, followed by the volume sentiments for each of the price levels that they have traded at over the past 2-3 years.

It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence into XLK.

Technical Analysis Of XLK, The Technology Sector Select SPDR Fund ETF

Their RSI is trending back towards overbought levels & sits currently at 64.93, while their MACD has been bearish since they began to fall from hitting a new all-time high in mid-June.

Volumes this past week were -24.51% below average compared to the year prior’s average (4,827,580 vs. 6,395,214.34) indicating that there is severe hesitancy on the part of market participants to dive into XLK at these high price levels.

Another troubling story that volume is telling currently is that most of the higher volume sessions of the past eight weeks have been declining sessions.

Last Monday was the biggest weakness signal for XLK, as just two sessions after hitting a new all-time high the week kicked off with a gap down that opened in line with the 10 day moving average, tried to stay afloat above it, but ultimately sank lower on the session & settled -4.23% below the all-time high on high declining volume.

The next day opened midway through Monday’s wide range candle, tested a bit lower but bulls didn’t allow prices to reach Monday’s closed & wound up driving prices higher to close around the 10 DMA’s resistance.

Wednesday showed that there was severe uncertainty in the market, but that the 10 DMA’s resistance was in tact, as a long-legged doji was the result of trading that day for XLK.

Thursday continued the same theme, as the session resulted in a spinning top whose real body is located on the lower end of the candle’s range & whose upper shadow was unable to break through the resistance of the 10 day moving average.

Last Friday & yesterday’s sessions are where things become really shaky however.

On Friday XLK opened on a gap up & prices were able to break above the 10 day moving average & they ran above $230/share before breaking down completely in a risk-off into the weekend play on the highest volumes of the week.

The resulting candle resembled a shooting star, with the exception of there being limited strength in the preceding uptrend.

Yesterday (Monday 7/1)’s candle looks almost identical but inverted, resembling a hanging man with a slight upper shadow.

Monday’s prices opened just above Friday’s close, tested far lower to the $223-range before recovering & closing the day just above the 10 day moving average’s resistance.

The troubling part of this is that while Monday was able to close above the 10 DMA, the day’s volume was rather weak for the extent of the price range covered for the day, which is not an indication of strength.

As to be expected, XLK’s Average True Range has been climbing in the wake of the declines from the all-time high, and should be set to continue higher in the near-term.

The price pressure is currently descending, which makes it a great time to review the strength of XLK’s support levels & to assess historic buyer & seller activity at them in an effort to understand what may happen if they’re tested again in the near-term.

XLK, The Technology Sector Select SPDR Fund ETF’s Price Level:Volume Sentiment Broken Down

The top table below shows the support & resistance levels of XLK ETF from the past year’s chart, as well as their price level:volume sentiment at each, using Monday’s closing price.

The moving averages are denoted with bold.

The next charts show the volume sentiment at each individual price level XLK has traded at over the past ~2-3 years.

Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.

All ratios with “0” in the denominator are denoted with a “*”.

NULL values are price levels that had limited trading volume, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.

This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on XLK ETF or any of its components.

$236 – NULL – 0:0*, +3.54% From Current Price Level

$232 – NULL – 0:0*, +1.78% From Current Price Level

$228 – NULL – 0:0*, +0.03% From Current Price Level

$224 – NULL – 0:0*, -1.73% From Current Price Level – Current Price Box & 10 Day Moving Average**

$220 – NULL – 0:0*, -3.48% From Current Price Level

$216 – NULL – 0:0*, -5.24% From Current Price Level

$212 – NULL – 0:0*, -6.99% From Current Price Level – 50 Day Moving Average*

$208 – Buyers – 3.25:1., -8.75% From Current Price Level

$204 – Buyers – 1.19:1, -10.5% From Current Price Level

$200 – Buyers – 1.18:1, -12.26% From Current Price Level

$198 – Sellers – 1.05:1, -13.14% From Current Price Level

$196 – Sellers – 1.12:1, -14.01% From Current Price Level

$194 – Buyers – 1.67:1, -14.89% From Current Price Level – 200 Day Moving Average*

$192 – Sellers – 1.15:1, -15.77% From Current Price Level

$190 – Buyers – 4.67:1, -16.64% From Current Price Level

$188 – Buyers – 1.67:1, -17.52% From Current Price Level

$186 – Buyers – 1.8:1, -18.4% From Current Price Level

$184 – Buyers – 3.33:1, -19.28% From Current Price Level

$182 – Sellers – 1.31:1, -20.15% From Current Price Level

$180 – Buyers – 1.17:1, -21.03% From Current Price Level

$178 – Buyers – 1.56:1, -21.91% From Current Price Level

$176 – Buyers – 5:1, -22.79% From Current Price Level

$174 – Sellers – 1.2:1. -23.66% From Current Price Level

$172 – Buyers – 1.43:1, -24.54% From Current Price Level

$170 – Buyers – 1.77:1, -25.42% From Current Price Level

$168 – Buyers – 2.78:1, -26.3% From Current Price Level

$166 – Sellers – 1.23:1, -27.17% From Current Price Level

$164 – Buyers – 1.3:1, -28.05% From Current Price Level

$162 – Buyers – 1.63:1, -28.93% From Current Price Level

$160 – Buyers – 1.45:1, -29.81% From Current Price Level

$158 – Buyers – 1.18:1, -30.68% From Current Price Level

$156 – Buyers – 2.1:0*, -31.56% From Current Price Level

$154 – Sellers – 2.79:1, -32.44% From Current Price Level

$152 – Buyers – 1.4:1, -33.32% From Current Price Level

$150 – Sellers – 1.55:1, -34.19% From Current Price Level

$148 – Sellers – 1.04:1, -35.07% From Current Price Level

$146 – Sellers – 1.61:1, -35.95% From Current Price Level

$144 – Buyers – 1.13:1, -36.83% From Current Price Level

$142 – Buyers – 1.07:1, -37.7% From Current Price Level

$140 – Sellers – 1.36:1, -38.58% From Current Price Level

$138 – Sellers – 1.03:1, -39.46% From Current Price Level

$136 – Sellers – 1.46:1, -40.34% From Current Price Level

$134 – Buyers – 1.52:1, -41.21% From Current Price Level

$132 – Sellers – 1.29:1, -42.09% From Current Price Level

$130 – Buyers – 1.57:1, -42.97% From Current Price Level

$128 – Sellers – 1.96:1, -43.84% From Current Price Level

$126 – Buyers – 1.05:1, -44.72% From Current Price Level

$124 – Buyers – 1.2:1, -45.6% From Current Price Level

$122 – Buyers – 1.22:1, -46.48% From Current Price Level

$120 – Sellers – 2.36:1, -47.35% From Current Price Level

$118 – Buyers – 1.1:1, -48.23% From Current Price Level

$116 – Sellers – 2.4:0*, -49.11% From Current Price Level

$114 – Sellers – 2.7:0*, -49.99% From Current Price Level

$112 – NULL – 0:0*, -50.86% From Current Price Level

$110 – NULL – 0:0*, -51.74% From Current Price Level

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

TLT, the iShares 20+ Year Treasury Bond ETF has fallen -6.19% over the past year, declining -10.13% from their 52-week high in June of 2023, but has advanced +13.35% since their 52-week low in October of 2023.

Much like the major index ETFs, TLT has recently experienced weak volumes, with the past week’s volume coming in -31.52% below average compared to the year prior (27,273,649 vs. 39,832,402.55).

With markets near all-time highs but looking set to cool off there has been a lot of talk recently about bonds, making it worth diving into the strength of TLT’s support & resistance levels.

This will provide an understanding about how investors have previously behaved when TLT was at these pivotal price points & may shed insight into how their future behavior may play out if these levels are revisited.

Below is a brief review of TLT’s recent technical performance, followed by the volume sentiments for each of the price levels that they have traded at over the past 4-5 years.

It is not intended to serve as financial advice, but rather as an additional tool to reference while performing your own due diligence into TLT.

Technical Analysis Of TLT, the iShares 20+ Year Treasury Bond ETF

Their RSI is currently above neutral & trending towards overbought levels at 61.73, while their MACD is signaling a near-term cooling off as it looks to cross over bearishly in the next day or two.

As highlighted above, volumes recently have been lacking compared to the previous year, particularly yesterday’s & much of May’s as well.

Their share price has been attempting to rebound following a decline from the end of 2023, which is concerning given that the primary reversal of that downtrend occurred at the end of April, meaning that much of the recovery attempt has happened on the weak volume mentioned above.

Last Monday’s session resulted in a gap down that set up the resulting consolidation range that TLT has been trading in for the past week & a half, with last Tuesday’s session’s high price still being the high water mark that has yet to be broken (using last night’s closing price).

Thursday’s session signaled that there is still a great deal of excess supply, as it declined on a gap down open, but was able to recover to around Tuesday’s opening price.

It should be noted that the two declining sessions had the second & third highest volumes of the past week & a half, with only this past Monday’s being higher.

Friday kicked off on a gap higher & showed that there was some interest to the upside, but ultimately the bears came out stronger & forced prices down towards the 10 day moving average & ultimately settled lower than the open & at $93.96, where it also closed the previous day.

Monday’s open was slightly above Friday’s close, dipped lower, but the 10 DMA’s support proved to be stable & was able to prop prices higher to close the day as an advancing session.

Monday’s high volume indicate that there is still strong belief in the 10 DMA, but given that it occurred in the wake of a somewhat risk-off Friday to kick off a new week it should be viewed skeptically, particularly as it occurred as a golden cross was forming, as the 50 DMA crossed the 200 DMA bullishly.

Yesterday’s session advanced, but the light volume is not convincing in terms of near-term strength, particularly when you factor in that it was unable to break above the recent high set on Tuesday of the week before.

Their Average True Range has been declining over the past couple of weeks, but should be expected to uptick in the near-term as other indicators are signaling that there is volatility on the horizon.

Fortunately for TLT there are many support touch-points nearby due to the consolidation of H1 2024 & August of 2023 which should help in declines, but there still looks to be some near-term declines on the horizon.

Below is a list of the price levels that TLT has traded at over the past 4-5 years, as well as the ratios of Buyers:Sellers (or Sellers:Buyers) from that time period, as well as a 5 year chart of their price action to reference while reviewing the data.

Pairing the two resources, as well as the near-term outlook just described may prove beneficial in assessing TLT’s price behavior as it encounters support & resistance levels in the near-term, but it should not replace your existing due diligence strategy.

TLT, The iShares 20+ Year Treasury Bond ETF’s Price Level:Volume Sentiment Broken Down

The top table below shows the support & resistance levels of TLT stock from the past year’s chart, as well as their price level:volume sentiment at each, using Friday’s closing price.

The moving averages are denoted with bold.

The next charts show the volume sentiment at each individual price level TLT has traded at over the past ~4-5 years.

Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.

All ratios with “0” in the denominator are denoted with a “*”.

NULL values are price levels that had limited trading volume, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.

This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on TLT stock.

$164 – NULL – 0:0*, +73.54% From Current Price

$162 – NULL – 0:0*, +71.43% From Current Price

$160 – NULL – 0:0*, +69.31% From Current Price

$158 – NULL – 0:0*, +67.2% From Current Price

$156 – Buyers – 0.2:0*, +65.08% From Current Price

$154 – Buyers – 2.83:1, +62.96% From Current Price

$152 – Buyers – 1.5:1, +60.85% From Current Price

$150 – Buyers – 2.58:1, +58.73% From Current Price

$148 – Sellers – 1.05:1, +56.61% From Current Price

$146 – Sellers – 1.19:1, +54.5% From Current Price

$144 – Sellers – 1.04:1, +52.38% From Current Price

$142 – Sellers – 1.17:1, +50.26% From Current Price

$140 – Buyers – 1.63:1, +48.15% From Current Price

$138 – Sellers – 1.1:1, +46.03% From Current Price

$136 – Buyer s- 1.2:1, +43.92% From Current Price

$134 – Sellers – 1.67:1, +41.8% From Current Price

$132 – Buyers – 1.12:1, +39.68% From Current Price

$130 – Buyers – 1.04:1, +37.57% From Current Price

$128 – Buyers – 1.43:1, +35.45% From Current Price

$126 – Sellers – 1.32:1, +33.33% From Current Price

$124 – Sellers – 1.66:1, +31.22% From Current Price

$122 – Buyers – 1.35:1, +29.1% From Current Price

$120 – Buyers – 1.17:1, +26.98% From Current Price

$118 – Sellers – 1.6:0*, +24.87% From Current Price

$116 – Sellers – 0.9:0*, +22.75% From Current Price

$114 – Even – 1:1, +20.63% From Current Price

$112 – Buyers – 1.2:1, +18.52% From Current Price

$110 – Buyers – 1.21:1, +16.4% From Current Price

$108 – Sellers – 1.13:1, +14.29% From Current Price

$106 – Sellers – 1.28:1, +12.17% From Current Price

$104 – Buyers – 1.13:1, +10.05% From Current Price

$102 – Buyers – 3.08:1, +7.94% From Current Price

$100 – Buyers – 1.05:1, +5.82% From Current Price

$99 – Buyers – 1.13:1, +4.76% From Current Price

$98 – Sellers – 1.14:1, +3.7% From Current Price

$97 – Buyers – 1.56:1, +2.65% From Current Price

$96 – Sellers – 1.38:1, +1.59% From Current Price

$95 – Buyers – 1.09:1, +0.53% From Current Price – 2 Touch-Points At Same Price*

$94 – Sellers – 1.62:1, -0.53% From Current Price – Current Price Box*

$93 – Even – 1:1, -1.59% From Current Price – 10 Day Moving Average*

$92 – Buyers – 1.09:1, -2.65% From Current Price

$91 – Sellers – 1.2:1, -3.7% From Current Price

$90 – Sellers – 1.41:1, -4.76% From Current Price – 50 & 200 Day Moving Averages**

$89 – Sellers – 1.17:1, -5.82% From Current Price

$88 – Buyers – 1.5:1, -6.88% From Current Price

$87 – Sellers – 1.11:1, -7.94% From Current Price

$86 – Buyers – 1.52:1, -8.99% From Current Price

$85 – Buyers – 1.4:1, -10.05% From Current Price

$84 – Sellers – 1.5:1, -11.11% From Current Price

$83 – Sellers – 1.67:1, -12.17% From Current Price

$82 – Sellers – 1.7:1, -13.23% From Current Price

$81 – Sellers – 3.78:1, -14.29% From Current Price

$80 – NULL – 0:0*, -15.34% From Current Price

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

NVIDIA Corp. stock trades under the ticker NVDA & has been one of the most exciting stocks to watch over the past year as market participants have been swept up in AI-mania.

NVDA stock has advanced +195.9% over the past year (ex-dividends), including a +210.27% gain from their 52-week low in May of 2023 & currently sits -5.05% below their 52-week high that was set in March of 2024.

With a pivotal earnings call scheduled for tomorrow while they sit off of all-time highs, it is a good time to take a look at how investors have behaved at different price levels NVDA has traded at in recent history.

Below is a brief technical analysis of NVDA’s recent performance, followed by a list that shows all of the support & resistance levels from NVDA’s one-year chart, as well as the ratio of Buyers:Sellers (or Sellers:Buyers) at each price level that NVDA has traded at over the past ~1 year.

Understanding how investors have behaved in previous times at each price level can be of value as a means of gauging sentiment & the strength of how each price level has been viewed (particularly for support & resistance levels).

This is not financial advice, but rather an additional tool to consider while conducting your own research & due diligence on NVDA stock.

Technical Analysis Of NVIDIA Corp. NVDA Stock

Their RSI is trending towards neutral & currently sits at 57.47 in the wake of last Thursday & Friday’s declines & their MACD is bullish, but it has curled over looking set to cross over bearishly during this week.

Volumes were -31.15% below average last week compared to the year prior (33,487,860 vs. 48,636,713.55), as traders & investors eagerly await their earnings report tomorrow afternoon.

One note of concern on their most recent volume is that while Wednesday’s advancing session had the highest volumes of the week, Thursday & Friday’s declining sessions had the second & third highest volumes of the week, indicating that there is a bit of weakness & lack of enthusiasm.

Monday kicked the week off with a dragonfly doji, whose bullishness was confirmed Tuesday when a bullish engulfing candle set the stage for Wednesday’s gap up session.

However, a clear risk-off sentiment crept into play as Thursday & Friday completed a bearish evening star pattern heading into the weekend, setting the stage for potentially more declines in the coming week.

So far NVDA’s 10 day moving average has maintained strength as a support level, and it will continue to be an area to keep focus on in the coming week, as their 50 day moving average is ~3.5% below it.

In the event price declines beneath both there would be downward pressure on it coming from both moving averages.

NVDA has some support levels nearby, all of whose volume sentiments are noted below.

NVIDIA Corp. NVDA Stock’s Price:Volume Sentiment Broken Down

The top table below shows the support & resistance levels of NVDA stock from the past year’s chart, as well as their price level:volume sentiment at each, using Friday’s closing price.

The moving averages are denoted with bold.

The next charts show the volume sentiment at each individual price level NVDA has traded at over the past ~1 year.

Beneath them is a copy & pasteable list of the same data, where the support/resistance levels are denoted in bold.

All ratios with “0” in the denominator are denoted with a “*”.

NULL values are price levels that had limited trading in, whether it be due to gaps, quick advances or they are at price extremes; in the event that they are retested & there is more data they would have a distinct “Buyers”, “Sellers” or “Even” title.

This is not intended as financial advice, but rather another tool to consider when performing your own research & due diligence on NVDA stock.

$975 – NULL – 0:0*, +5.43% From Current Price Level

$970 – NULL – 0:0*, +4.89% From Current Price Level

$965 – NULL – 0:0*, +4.35% From Current Price Level

$960 – NULL – 0:0*, +3.81% From Current Price Level

$955 – NULL – 0:0*, +3.27% From Current Price Level

$950 – Buyers – 2.6:0*, +2.73% From Current Price Level

$945 – Buyers – 2:0*, +2.19% From Current Price Level

$940 – Buyers – 1.5:1, +1.64% From Current Price Level

$935 – Sellers – 0.4:0*, +1.1% From Current Price Level

$930 – NULL – 0:0*, +0.56% From Current Price Level

$925 – Buyers – 1.26:1, +0.02% From Current Price Level

$920 – Buyers – 1.8:0*, -0.52% From Current Price Level – Current Price Level*

$915 – Buyers – 3.1:0*, -1.06% From Current Price Level

$910 – Buyers – 3.7:0*, -1.6% From Current Price Level – 10 Day Moving Average*

$905 – Sellers – 2.5:1, -2.14% From Current Price Level

$900 – Buyers – 1.86:1, -2.68% From Current Price Level

$895 – Buyers – 1.6:0*, -3.22% From Current Price Level

$890 – Buyers – 1.55:1, -3.76% From Current Price Level

$885 – Buyers – 1.42:1, -4.3% From Current Price Level

$880 – Buyers – 2.5:1, -4.84% From Current Price Level – 50 Day Moving Average*

$875 – Sellers – 2.55:1, -5.38% From Current Price Level

$870 – Buyers – 2.92:1, -5.92% From Current Price Level

$865 – NULL – 0:0*, -6.47% From Current Price Level

$860 – Sellers – 3.8:0*, -7.01% From Current Price Level

$855 – Sellers – 1.24:1, -7.55% From Current Price Level

$850 – Buyers – 1.36:1, -8.09% From Current Price Level

$845 – Buyers – 2.1:0*, -8.63% From Current Price Level

$840 – Sellers – 2.2:0*, -9.17% From Current Price Level

$835 – NULL – 0:0*, -9.71% From Current Price Level

$830 – Sellers – 2.7:0*, -10.25% From Current Price Level

$825 – Buyers – 2:0*, -10.79% From Current Price Level

$820 – Buyers – 4.3:0*, -11.33% From Current Price Level

$815 – NULL – 0:0*, -11.87% From Current Price Level

$810 – NULL – 0:0*, -12.41% From Current Price Level

$805 – NULL – 0:0*. -12.95% From Current Price Level

$800 – NULL – 0:0*, -13.49% From Current Price Level

$795 – Buyers – 1.26:1, -14.03% From Current Price Level

$790 – Buyers – 4.8:0*, -14.58% From Current Price Level

$785 – Buyers – 4.44:1, -15.12% From Current Price Level

$780 – NULL – 0:0*, -15.66% From Current Price Level

$775 – Sellers – 1.9:0*, -16.2% From Current Price Level

$770 – NULL – 0:0*, -16.74% From Current Price Level

$765 – NULL – 0:0*, -17.28% From Current Price Level

$760 – Sellers – 4.1:0*, -17.82% From Current Price Level

$755 – NULL – 0:0*, -18.36% From Current Price Level

$750 – NULL – 0:0*, -18.9% From Current Price Level

$745 – NULL – 0:0*, -19.44% From Current Price Level

$740 – NULL – 0:0*, -19.98% From Current Price Level

$735 – Buyers – 2.3:0*, -20.52% From Current Price Level

$730 – NULL – 0:0*, -21.06% From Current Price Level

$725 – Sellers – 4.2:0*, -21.6% From Current Price Level

$720 – Buyers – 1.85:1, -22.14% From Current Price Level

$715 – NULL – 0:0*, -22.69% From Current Price Level

$710 – NULL – 0:0*, -23.23% From Current Price Level

$705 – NULL – 0:0*, -23.77% From Current Price Level

$700 – Buyers – 2.3:0*, -24.31% From Current Price Level

$695 – Sellers – 2:0*, -24.85% From Current Price Level

$690 – Sellers – 1.06:1, -25.39% From Current Price Level

$685 – NULL – 0:0*, -25.93% From Current Price Level

$680 – Sellers – 3.2:0*, -26.47% From Current Price Level

$675 – NULL – 0:0*, -27.01% From Current Price Level

$670 – Sellers – 3.2:0*, -27.55% From Current Price Level

$665 – NULL – 0:0*, -28.09% From Current Price Level

$660 – Buyers – 2.3:0*, -28.63% From Current Price Level

$655 – NULL – 0:0*, -29.17% From Current Price Level

$650 – NULL – 0:0*, -29.71% From Current Price Level

$645 – NULL – 0:0*, -30.25% From Current Price Level

$640 – NULL – 0:0*, -30.8% From Current Price Level

$635 – NULL – 0:0*, -31.34% From Current Price Level

$630 – Buyers – 1.8:0*, -31.88% From Current Price Level

$625 – Buyers – 2:0*, -32.42% From Current Price Level

$620 – Buyers – 1.7:0*, -32.96% From Current Price Level

$615 – Buyers – 1.05:1, -33.5% From Current Price Level

$610 – Buyers – 1.59:1, -34.04% From Current Price Level – 200 Day Moving Average*

$605 – NULL – 0:0*, -34.58% From Current Price Level

$600 – NULL – 0:0*, -35.12% From Current Price Level

$595 – Buyers – 3.4:0*, -35.66% From Current Price Level

$590 – Buyers – 2.6:0*, -36.2% From Current Price Level

$585 – NULL – 0:0*,-36.74% From Current Price Level

$580 – NULL – 0:0*, -37.28% From Current Price Level

$575 – NULL – 0:0*, -37.82% From Current Price Level

$570 – Buyers – 2.2:0*, -38.36% From Current Price Level

$565 – NULL – 0:0*, -38.91% From Current Price Level

$560 – Even – 1:1, -39.45% From Current Price Level

$555 – NULL – 0:0*, -39.99% From Current Price Level

$550 – NULL – 0:0*, -40.53% From Current Price Level

$545 – Buyers – 2.23:1, -41.07% From Current Price Level

$540 – Buyers – 2.4:0*, -41.61% From Current Price Level

$535 – NULL – 0:0*, -42.15% From Current Price Level

$530 – Buyers – 3.6:0*, -42.69% From Current Price Level

$525 – NULL – 0:0*, -43.23% From Current Price Level

$520 – Buyers – 3:0*, -43.77% From Current Price Level

$515 – NULL – 0:0*, -44.31% From Current Price Level

$510 – NULL – 0:0*, -44.85% From Current Price Level

$505 – NULL – 0:0*, -45.39% From Current Price Level

$500 – NULL – 0:0*, -45.93% From Current Price Level

$496 – NULL – 0:0*, -46.37% From Current Price Level

$492 – NULL – 0:0*, -46.8% From Current Price Level

$488 – Buyers – 2:0*, -47.23% From Current Price Level

$484 – NULL – 0:0*, -47.66% From Current Price Level

$480 – Sellers – 2:0*, -48.1% From Current Price Level

$476 – Sellers – 1.14:1, -48.53% From Current Price Level

$472 – NULL – 0:0*, -48.96% From Current Price Level

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

XLU, the Utilities Select Sector Fund ETF is currently at a new 52-week high following a +8.15% advance over the past year (ex-distributions) & a +30% gain since their 52-week low in October of 2023.

Regular readers will recall last month’s article about creating a synthetic defensive artificial intelligence ETF which included many utility stocks.

Given that XLU is at a new 52-week high it is worth diving into what volume sentiments have been like at various price levels that they have traded at over the past 4-5 years, especially given that there will likely be tests of support levels in the coming week(s).

This is important as it may help identify which levels of support will be more apt to be stronger than others.

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 that you can take into consideration while making your own assessment of XLU.

Brief Technical Analysis Of XLU, The Utilities Select Sector SPDR Fund ETF

Their RSI is currently overbought at 78.61, while XLU’s MACD is bullish, but beginning to show signs of rolling over bearishly in the near-term.

Volumes for the past week were +2.77% above the average volume of the past year (16,541,240 vs. 16,095,135.46) confirming strong sentiment behind the run up to the new 52-week high.

However, it is difficult to gauge if this is due to exuberance from the A.I. craze as market participants piled into the utility companies that will be needed to provide all of the power to data centers, or as a pivot due to the broader market state.

Determining this will be key to understanding how resilient XLU & its components remain in the coming months.

Tuesday of last week came as a gap up session on stable volume, leading to Wednesday & Thursday’s subsequent advances, with Thursday’s high advancing volume being notably above average.

Friday was a risk-off session in anticipation of the weekend, where it looked like there could be a bearish dark cloud cover pattern set up, but XLU was able to close closer to the close of Thursday’s candle, avoiding the bearish sentiment.

Friday’s high volume level should be noted, as it seemed folks were packing in & taking profits before the weekend in anticipation of this week’s PPI, CPI, Fed Speakers & other consumer-centric data releases (details can be found in this week’s market review note).

Monday was an interesting day for XLU, as the session opened higher than Friday, tested above Friday’s high, before venturing lower & ultimately settling at the same price day-over-day as Friday’s session.

Monday’s volume also was well below the volumes of the other days of the past week, adding an even stronger note of uncertainty & indecision on the part of market participants.

In the event of a pull-back in XLU, it is important to note where their support levels are.

The nearest level is at the 10 day moving average at $69.30, before $67.40, $66.08 & a support zone in the $65-66/share range (including the 50 DMA).

When these support levels are tested, the table & data contained below may be useful in your analysis of how strong/weak each will be.

Price Level:Volume Sentiment For XLU, Utilities Select Sector Fund ETF For The Past 4-5 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 XLU has traded at over the past 4-5 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.

Note that due to price extremes (being near the all-time high) some price levels do not have enough data yet & are marked as NULL 0:0*, while other high levels will be skewed towards buyers, as there has not been much in terms of downside tests against them.

Also, ratios with a denominator of 0 are also denoted with an “*”.

This is something that should be kept in mind when working with the data below.

$74 – NULL – 0:0*, +3.83% From Current Price Level

$73 – Buyers – 2.33:1, +2.43% From Current Price Level

$72 – Buyers – 4.5:1, +1.02% From Current Price Level

$71 – Buyers – 1.14:1, -0.38% From Current Price Level – Current Price Box*

$70 – Sellers – 1.05:1, -1.78% From Current Price Level

$69 – Sellers – 1.67:1, -3.19% From Current Price Level – 10 Day Moving Average*

$68 – Buyers – 1.35:1, -4.59% From Current Price Level

$67 – Buyers – 1.5:1, -5.99% From Current Price Level

$66 – Buyers – 1.52:1, -7.39% From Current Price Level

$65 – Buyers – 1.12:1, -8.8% From Current Price Level – 50 Day Moving Average*

$64 – Buyers – 1.29:1, -10.2% From Current Price Level

$63 – Sellers – 1.03:1, -11.6% From Current Price Level

$62 – Sellers- 1.11:1, -13.01% From Current Price Level – 200 Day Moving Average*

$61 – Sellers – 1.01:1, -14.41% From Current Price Level

$60 – Buyers – 1.04:1, -15.81% From Current Price Level

$59 – Sellers – 1.08:1, -17.22% From Current Price Level

$58 – Seller s- 1.09:1, -18.62% From Current Price Level

$57 – Buyers – 1.77:1, -20.02% From Current Price Level

$56 – Buyers – 1.3:1, -21.43% From Current Price Level

$55 – Sellers – 1.11:1, -22.83% From Current Price Level

$54 – Buyers – 1.15:1, -24.23% From Current Price Level

$53 – Buyers – 1.4:1, -25.63% From Current Price Level

$52 – Buyers – 1.5:1, -27.04% From Current Price Level

$51 – Buyers – 1.41:1, -28.44% From Current Price Level

$50 – Buyers – 1.25:1, -29.84% From Current Price Level

$49 – Buyers – 1.04:1, -31.25% From Current Price Level

$48 – Sellers – 1.36:1, -32.65% From Current Price Level

$47 – Buyers – 1.17:1, -34.05% From Current Price Level

$46 – Buyers – 1.5:1, -35.46% From Current Price Level

$45 – Sellers – 1.05:1, -36.86% From Current Price Level

$44 – Buyers – 1.14:1, -38.26% From Current Price Level

$43 – Even – 1:1, -39.67% From Current Price Level

$42 – NULL – 0:0*, -41.07% From Current Price Level

$41 – Sellers – 0.5:0*, -42.47% From Current Price Level

$40 – NULL – 0:0*, -43.88% From Current Price Level

$39 – Sellers – 0.5:0*, -45.28% From Current Price Level

$38 – NULL – 0:0*, -46.68% From Current Price Level

*** I DO NOT OWN SHARES OR OPTIONS CONTRACTS IN XLU AT THE TIME OF PUBLISHING THIS ARTICLE ***

One month after reaching a new all-time high, it is worth taking a look at how market participants have behaved at different support & resistance levels for XLF, the Financial Select Sector SPDR Fund ETF.

Having an understanding of how investors have behaved at these levels historically is beneficial in the event that there is further consolidation in XLF & the price levels are re-tested.

Below is a brief technical analysis of XLF’s past year performance, as well as a list of their volume sentiment at the various price levels that they have traded at over the past ~15 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 that you can take into consideration while making your own assessment of XLF.

Brief Technical Analysis Of XLF, The Financial Select Sector SPDR Fund ETF

XLF has advanced +29.53% over the past year (ex-distributions), adding +31.41% since their 52-week low in October of 2023 & having declined -2.39% since their 52-week high in March of 2024.

Volumes over the past week were -0.25% below average compared to the year prior (42,704,000 vs. 42,812,205.16), as prices continued a consolidation that began in April.

Their RSI is currently 58.12 & beginning to show signs of weakness, while their MACD is bullish, but relatively muted & not showing signals of strength.

Over the past week XLF has staged a turnaround from the declines of the previous five sessions, beginning last Wednesday with a spinning top candle that’s upper shadow tested & briefly went above the resistance of the 10 & 50 day moving averages.

Thursday of last week resulted in a brief advance, but it should be noted that the session closed lower than it opened & was again denied by the 10 & 50 day moving averages.

Friday followed in the footsteps of Wednesday & Thursday’s sessions, as XLF pushed higher on the open, only to close lower than it had opened; however it should be noted that a weak uptrend was established.

Monday kicked this week off with a bang, as XLF opened above the support of the 10 & 50 day moving averages & pushed higher.

Yesterday proved to be an area to keep an eye on for XLF though, as the session gapped higher on the open & closed in a spinning top candle that set up a dark cloud cover formation (bearish).

Today all eyes will be on whether or not an evening star pattern is formed with the past three days’ candles & if so, where today’s session closes in relation to the 10 & 50 day moving averages’ support.

The past two days’ volumes were lower than Friday’s volume, although they have been higher than those posted in the last week of April.

Given that the sessions have resulted in advances in this past week, it now will come down to whether further consolidation on these average volumes continues, or if there will be some profit taking from the advances of the past week.

It will also be worth keeping an eye on the 10 & 50 DMAs, in particular to see how strong they prove to be as support levels.

The 50 is currently still above the 10, which means if prices do dip below both there will be two moving averages applying downwards pressure on prices in the form of resistance.

XLF’s Average True Range (not shown) is near the neutral middle of its range, indicating that there may be another round of volatility on the near-term horizon.

Price Level:Volume Sentiment For XLF Over The Past ~15 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 XLF has traded at over the past ~15 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.

Note that due to price extremes (being near the all-time high) some price levels do not have enough data yet & are marked as NULL 0:0*, while other high levels will be skewed towards buyers, as there has not been much in terms of downside tests against them.

This is something that should be kept in mind when working with the data below.

$43 – NULL – 0:0*, +4.34% From Current Price Level

$42 – NULL – 0:0*, +1.92% From Current Price Level

$41 – NULL – 0:0*, -0.51% From Current Price Level – Current Price Level*

$40 – NULL – 0:0*, -2.94% From Current Price Level – 10 & 50 Day Moving Averages**

$39 – Buyers – 1.43:1, -5.36% From Current Price Level

$38 – Buyers – 3:1, -7.79% From Current Price Level

$37 – Buyers – 1.33:1, -10.22% From Current Price Level

$36 – Sellers – 1.5:1, -12.64% From Current Price Level – 200 Day Moving Average*

$35 – Buyers – 1.09:1, -15.07% From Current Price Level

$34 – Buyers – 1.21:1, -17.5% From Current Price Level

$33 – Sellers – 1.08:1, -19.92% From Current Price Level

$32 – Sellers – 1.07:1, -22.35% From Current Price Level

$31 – Sellers – 1.27:1, -24.78% From Current Price Level

$30 – Sellers – 1.83:1, -27.2% From Current Price Level

$29 – Even – 1:1, -29.63% From Current Price Level

$28 – Buyers – 1.2:1, -32.06% From Current Price Level

$27 – Buyers – 1.75:1, -34.48% From Current Price Level

$26 – Buyers – 1.6:1, -36.91% From Current Price Level

$25 – Buyers – 1.95:1, -39.34% From Current Price Level

$24 – Buyers – 1.21:1, -41.76% From Current Price Level

$23 – Sellers – 1.03:1, -44.19% From Current Price Level

$22 – Buyers – 1.11:1, -46.61% From Current Price Level

$21 – Buyers – 1.36:1, -49.04% From Current Price Level

$20 – Sellers – 1.07:1, -51.47% From Current Price Level

$19.50 – Sellers – 1.67:1, -52.68% From Current Price Level

$19 – Buyers – 2.33:1, -53.89% From Current Price Level

$18.50 – Buyers – 4:1, -55.11% From Current Price Level

$18 – Buyers – 2:1, -56.32% From Current Price Level

$17.50 – NULL – 0:0*, -57.53% From Current Price Level

$17 – Buyers – 1.5:1, -58.75% From Current Price Level

$16.50 – Buyers – 1.38:1, -59.96% From Current Price Level

$16 – Sellers – 1.16:1, -61.17% From Current Price Level

$15.50 – Buyers – 1.25:1, -62.39% From Current Price Level

$15 – Even – 1:1, -63.6% From Current Price Level

$14.50 – Buyers – 1.36:1, -64.81% From Current Price Level

$14 – Sellers – 1.08:1, -66.03% From Current Price Level

$13.50 – Buyers – 1.44:1, -67.24% From Current Price Level

$13 – Buyers – 1.86:1, -68.45% From Current Price Level

$12.50 – Buyers – 1.17:1, -69.67% From Current Price Level

$12 – Buyers – 2.33:1, -70.88% From Current Price Level

$11.50 – Buyers – 2.43:1, -72.09% From Current Price Level

$11 – Sellers – 3.8:1, -73.31% From Current Price Level

$10.50 – Buyers – 1.55:1, -74.52% From Current Price Level

$10 – Buyers – 1.09:1, -75.73% From Current Price Level

$9.50 – Buyers – 1.46:1, -76.95% From Current Price Level

$9 – Sellers – 1.03:1, -78.16% From Current Price Level

$8.50 – Sellers – 1.25:1, -79.37% From Current Price Level

$8 – Buyers – 1.39:1, -80.59% From Current Price Level

$7.50 – Sellers – 1.2:1, -81.8% From Current Price Level

$7 – Sellers – 1.44:1, -83.01% From Current Price Level

$6.50 – Buyers – 2:1, -84.23% From Current Price Level

$6 – Sellers – 1.67:1, -85.44% From Current Price Level

$5.50 – Buyers – 1.53:1, -86.65% From Current Price Level

$5 – Sellers – 2.43:1, -87.87% From Current Price Level

$4.75 – Even – 1:1, -88.47% From Current Price Level

$4.50 – Sellers – 1.75:1, -89.08% From Current Price Level

$4.25 – Sellers – 1.67:1, -89.69% From Current Price Level

$4 – Sellers – 2:1, -90.29% From Current Price Level

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

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 ***