This weeks featured chart is the Invesco QQQ Trust ([QQQ]) vs Invesco S&P 500 Equal Weight ETF ([RSP]) 3.25% RS chart
Portfolio View - Major Market ETFs
| Symbol | Name | Price | Yield | PnF Trend | RS Signal | RS Col. | Fund Score | 200 Day MA | Weekly Mom |
|---|---|---|---|---|---|---|---|---|---|
| DIA | SPDR Dow Jones Industrial Average ETF Trust | 403.23 | 1.66 | Positive | Sell | X | 4.09 | 379.25 | + 5W |
| EEM | iShares MSCI Emerging Markets ETF | 42.20 | 2.41 | Positive | Sell | X | 3.43 | 40.59 | - 2W |
| EFA | iShares MSCI EAFE ETF | 78.23 | 2.89 | Positive | Sell | X | 3.43 | 76.30 | + 3W |
| FM | iShares Frontier and Select EM ETF | 27.69 | 4.12 | Positive | Sell | O | 2.41 | 27.11 | + 3W |
| IJH | iShares S&P MidCap 400 Index Fund | 60.60 | 1.28 | Positive | Buy | O | 4.30 | 56.20 | + 4W |
| IJR | iShares S&P SmallCap 600 Index Fund | 115.02 | 1.23 | Positive | Sell | O | 3.43 | 104.75 | + 4W |
| QQQ | Invesco QQQ Trust | 459.66 | 0.61 | Positive | Buy | O | 4.55 | 429.16 | - 3W |
| RSP | Invesco S&P 500 Equal Weight ETF | 169.69 | 1.51 | Positive | Sell | O | 3.06 | 158.82 | + 4W |
| SPY | SPDR S&P 500 ETF Trust | 543.01 | 1.24 | Positive | Buy | X | 5.20 | 498.99 | - 3W |
| XLG | Invesco S&P 500 Top 50 ETF | 44.83 | 0.79 | Positive | Buy | X | 5.62 | 40.63 | - 3W |
Featured Chart: Invesco QQQ Trust (QQQ) vs Invesco S&P 500 Equal Weight ETF (RSP)
QQQ continued its pullback as it gave its first sell signal in 2024 and tests support at the $445 level. Despite its recent fall, QQQ still holds a more than respectable 4.55 fund score. The fund was previously in extended territory, and the abrupt pullback during Friday's trading leaves the fund slightly in oversold territory
That said, the fund has lost some relative strength versus other names, underperforming RSP by over 10% in the last four weeks. QQQ reversed back into a column of O's against RSP on a 3.25% relative strength chart during last week's trading, showing near-term weakness against the equal-weighted S&P 500, but would need significant further underperformance to hit a sell signal. QQQ still holds a better long-term picture, but keep an eye out for further deterioration as a sign of continued tech-focused weakness.
Additional Comments:
The majority of the funds within the table above moved lower this week. EFA, QQQ, and XLG returned to sell signals on their default charts, signaling some weakness on the international front and within the large cap core. Small caps have also been in focus, seeing IJR reverse to old resistance from earlier this year. As market volatility picks up, continue to monitor these areas of the market with a watchful eye.
