A Weekly Review of Major Market ETFs

Portfolio View - Major Market ETFs

Additional Comments:

The SPDR Dow Jones Industrial Average ETF Trust DIA remains in a column of X’s this week, sitting at $355. The fund remains on its second consecutive buy signal on the default chart. The fund now scores just below an acceptable score, scoring at 2.99. It still scores below the average US score of 3.52. DIA remains in a positive trend at current levels. Support is offered at $315 with overhead resistance at current levels.

The iShares MSCI Emerging Markets ETF EEM remains in a column of O’s this week, seen at a price of $38.50. This will move the fund back into a negative trend for the first time in 2023. With this in mind, EEM now scores below the acceptable 3.0 threshold with a score posting of 2.67, falling behind developed markets representatives. The fund sees initial support at $38, with more substantial support down around $37.

The iShares MSCI EAFE ETF EFA returned to a column of O’s this week, returning to test nearby support at a chart reading of $70. Developed markets have deteriorated slightly, now shown by a positive, but weakening 3.65 fund score. The ETF remains in a positive trend at current levels with established support offered at current levels. Overhead resistance is now found at $74.

The iShares MSCI Frontier and Select EM ETF FM returned to a column of O’s this week, seen at a chart reading of $26.50. It remains on a buy signal after posting new 2023 highs to end July. The fund has a strong fund score of 4.04 and is now paired with a positive 2.59 score direction. Support is seen below at $24.50.

The iShares S&P MidCap 400 Index Fund IJH returned to a column of O’s this week, seen at a chart reading of $255. However, the fund maintains its position above the bullish support line. IJH has a current fund score of 4.06 which is now above the average US score of 3.52. From here, overhead resistance is found at $270 with the bullish support line found below.

The iShares S&P SmallCap 600 Index Fund IJR remains on a buy signal this week but did return to a column of O’s on its default chart to a price of $98. Despite the recent action leading to now 3 consecutive buy signals, IJR maintains an improved, but still unacceptable 2.36 fund score. Support is offered below at $97, with overhead resistance found at $104.

The Invesco QQQ Trust QQQ remains in a column of O’s this week, continuing the pullback from growth-focused areas. The fund is now seen at a price of $355. With that said, the fund still holds a strong 4.71 fund score and is paired with an intensely positive 2.18 score direction. This now outpaces the average US fund, which shows a 3.52 average score. Initial support is offered at $290, well below current levels.

The Invesco S&P 500 Equal Weight ETF RSP reversed down into O’s this week, now seen at a price of $146. RSP holds a negative 1.89 score direction and now displays a 3.57 fund score. This is still behind the average S&P 500 Index fund score of 4.50. The spread between the two has solidified around current levels over the last few weeks. Support is now seen at $140.  

The SPDR S&P 500 ETF Trust SPY returned to a column of O’s this week, now seen at a price of $435. The fund holds a strong 4.17 fund score, besting the average US fund score of 3.52. May’s action saw the fund return to a column of X’s against SPXEWI suggesting near-term strength for the cap-weighted names. Support is seen at $385 on the default chart, March lows.

The Invesco S&P 500 Top 50 ETF XLG returned to a column of O’s this week, seen at a chart reading of $34.50. The fund remains on a string of now three consecutive buys signals, suggesting strength from larger names. Furthermore, XLG now has a near-perfect 5.61 fund score with a now positive score direction of 3.54. XLG scores above the average US Fund of 3.52. Support is seen at $28.50 on the default chart, notably below current levels.