A Weekly Review of Major Market ETFs

Portfolio View - Major Market ETFs

Additional Comments:

The SPDR Dow Jones Industrial Average ETF Trust DIA remains unchanged this week, sitting in a column of O’s at a price of $330. The fund has a current score of 2.79 with a positive score direction of .88, and it now scores below the average US score of 3.13. DIA remains in a positive trend at current levels. Support is offered at $290 on the default chart, the September 2022 chart low, with overhead resistance at $345.

The iShares MSCI Emerging Markets ETF EEM sits in a column of X’s this week, recently seen at a price of $42.50. EEM has now posted a third consecutive buy signal and moved back into a positive trend to start the year. With this positive action, EEM now outscores the average Non-US Fund score of 3.24 scoring an above-average 3.40 score. Support is now seen at a price of $38.00.

The iShares MSCI EAFE ETF EFA sits in a column of X’s this week at an unchanged price of $71.00. The fund remains in a positive trend but is towards the top of its trading band with a weekly OBOS reading of 91%. The fund now showcases a strong 4.40 fund score, outpacing the average non-US score of 3.23. Support is offered at $55 on the default chart.

The iShares MSCI Frontier and Select EM ETF FM remains in a column of X’s this week after bouncing off its bullish support line in the middle of November. The fund has a weak score of 2.07 and is paired with a positive .63 score direction. Bouncing off support, FM is now seen at a price of $27. Support is seen below at $23.50, lows for 2022.

 The iShares S&P MidCap 400 Index Fund IJH remains in a column of X’s this week, posting a buy signal at $260 and returning to a positive trend over the last 7 days. The fund has a current fund score of 4.40 which is above the average US score of 3.13. Support can be found at $240 on the default chart, the December 2022 lows.

The iShares S&P SmallCap 600 Index Fund IJR reversed up into X’s this week and sits at a price of $102. The fund maintains a weak technical posture having recently broken a string of 2 consecutive sell signals and breaking back into a positive trend with recent action. IJR now sits below the acceptable fund score of 3.0 with a score of 2.90 and is paired with a now positive 1.18 score direction. Support is offered at $98 on the default trend chart.

The Invesco QQQ Trust QQQ remains in a column of X’s this week, sitting at a price of $295. QQQ remains in a negative trend and has an unacceptable fund score of 2.40. Any move further would post a triple top buy signal and return the fund to a positive trend. The current fund score is lower than the average US fund (3.13), and the fund holds a now positive 1.11 score direction. Initial support is offered at $260.

The Invesco S&P 500 Equal Weight ETF RSP remains in a column of X’s this week, sitting at a price of $150. The reversal signals the “action point” of a shakeout for the fund, with the completion of the pattern coming above at $152. RSP holds a positive 1.64 score direction and has a fund score of 5.47. This beats the average S&P 500 Index fund score of 3.43 and remains the highest score of the funds in this report. Support is seen at $140 on the default chart.

The SPDR S&P 500 ETF Trust SPY remains in a column of X’s this week, sitting at a price of $405. The fund has a 2.34 score posting which is below the average S&P 500 Index fund score of 3.43. SPY remains in a positive trend and would complete a shakeout pattern with a triple top buy signal at $415. Support is seen at $375 on the default chart.

The Invesco S&P 500 Top 50 ETF XLG reversed into a column of X’s this week and currently sits at a price of $295. XLG now has a 2.10 fund score with a now positive score direction of .51. XLG still scores below the average US Fund (3.13). Support is seen at $275 on the default chart.