SPUU, the Direxion Daily S&P 500 Bull 2x Shares ETF has shown strength in the last three trading sessions, after beginning September on a downtrend.
Their RSI is neutral, and their MACD looks set to bullishly cross over in the coming days, most likely fueled by quadruple witching covering at the end of the week (9/16).
Volumes are still light, signaling that the market is still rather uncertain of what SPUU’s value is, but there looks to be some positive near-term momentum.
The $80.10 support level & $83.84 resistance levels will be in focus this week.
Despite having no dividend, TQQQ has options that traders can use as part of their strategy, providing downside protection that is greater than the 3.91% dividend cushion of SPUU.
The $29.04 support level will be interesting to watch for TQQQ this week, with $31.53 being the upside number to watch as resistance.
Uranium Mining (URNM), U.S. Energy (IYE), Chile (ECH) & Corn (CORN) Are Bullishly Leading The Market
URNM, the Sprott Funds Uranium Mining ETF has rebounded well after its lows in early July of 2022.
While they do not have options to trade, they offer a 5.98% cushion for investors who hold them throughout the year.
With an almost oversold RSI & a MACD that is beginning to curl over bearishly, there looks to be buying opportunities in the near-term horizon, where that dividend protection can help alleviate losses.
IYE, the iShares U.S. Energy ETF has also been recovering nicely from the steep declines in early summer of 2022.
Their RSI is still neutral & their MACD is beginning to turn bullish, signaling that there may be more upward momentum to come in the near-term.
IYE has options that can be used to reduce risk in this volatile market, and they offer a 2.85% dividend, which can also be used to reduce risk for investors & traders who hold their shares for a year.
ECH, the iShares MSCI Chile Capped ETF has also been rebounding strongly since June, recovering all that it lost until cooling off over the last week.
They look primed to dip in the near-term, based on their MACD line, signaling an entry-point for investors.
With a 6.71% dividend & options that can be used to hedge risk, there looks to be an interesting opportunity in ECH in the near-to-long term.
CORN, the Teucrium Corn Fund ETF has struggled to regain its losses since June of 2022, and it will be interesting to see if they can remain above the $27.20 support level this week.
Their RSI is on the overbought side of neutral, and their MACD looks set to bearishly cross in the next day or so, showing a potential entry opportunity.
CORN also has options, which traders can use to protect themselves from market volatility, as they do not offer a dividend.
Silver (AGQ), Cannabis (POTX), Real Estate (DRN) & Europe Small-Cap Dividend Stocks (DFE) Are Bearishly Lagging The Market
AGQ, the ProShares Ultra Silver ETF is trying to rebound, after making fresh lows for the year in early September.
The $20.50 resistance level will be the place to be watching, especially as their MACD curls bullish in the next day, with $19.71 being their highest support level.
POTX, the Global X Cannabis ETF had a 5.53% gap up day on Friday, 9/9/2022, as they closed at the $17.18 resistance level.
While they do not have options to trade for protection, they do offer a 7%+ dividend yield, should they fall to the $16.51/share support level.
DRN, the Direxion Daily Real Estate Bull 3x Shares ETF also had a strong week last week, but has had a difficult time recovering from the losses it incurred in April.
Their neutral RSI & MACD that is about to cross over bullishly signal there is momentum coming in the near-term for DRN, and they have options, as well as a dividend yield (1.35%) that can provide some defensive protection for positions.
DFE, the WisdomTree Europe SmallCap Dividend Fund ETF had a 3.15% gap up on Friday, and has an RSI nearing neutral, along with an impending bullish MACD crossover.
They look to be about to establish a new range between the $52.49 & $54.32 price levels, as there are many gaps on either side of the current price to be filled.
Tying It All Together
This upcoming week has a lot of interesting data points & announcements coming out.
On Monday we have the NY Fed 3-Year Inflations Expectations numbers, with Core CPI coming out on Tuesday, as well as the Federal Budget & NFIB Small-Business Index.
Wednesday will have the PPI Final Demand numbers, with Jobless Claims, Retail Sales, Philly Fed Manufacturing Index & Empire State Manufacturing Index numbers coming in on Thursday.
Friday is the UMich Consumer Sentiment & 5 Year Inflation Expectation numbers, as well as a quadruple witching.
Volatility looks to continue onward, although there may be some upside surprises this week, based on the technical levels showing on many charts.
*** I DO NOT OWN SHARES OF SPUU, TQQQ, UNRM, IYE, ECH, CORN, AGQ , POTX, DRN & DFE AT THE TIME OF PUBLISHING THIS ARTICLE ***