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Today, I show the daily charts with their key technical levels.
Here’s Today’s Scorecard
SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA)
Courtesy of MetaStock Xenith
The Diamonds ETF is 19.1% above its 2018 low of $216.97 set on Dec. 26 and is 4.1% below its all-time intraday high of $269.28 set on Oct. 3. Remember that Dec. 26 low was a “key reversal” day as the close was above the Dec. 24 high. Buy weakness to my semiannual value level at $243.47 and reduce holdings on strength to my monthly and quarterly risky levels at $265.49 and $270.43, respectively. My annual pivot at $257.94 remains a magnet.
The weekly chart for Diamonds is positive but overbought with the ETF above its five-week modified moving average at $254.09. DIA is well above its 200-week simple moving average or “reversion to the mean” at $210.75. The 12x3x3 weekly slow stochastic reading rose to 87.43 last week, up from 86.14 on March 8 moving further above the overbought threshold of 80.00.
SPDR S&P 500 Trust ETF (NYSEARCA:SPY)
Courtesy of MetaStock Xenith
The Spiders ETF is in bull market territory 20.3% above its Dec. 26 low of $233.76 and is 4.3% below its all-time intraday high of $293.94 on Sept. 21. Remember that Dec. 26 was a “key reversal” day as the close was above the Dec. 24 high. Buy weakness to my semiannual value level at $266.14 and reduce holdings on strength to my annual risky level at $285.86. My monthly pivot is $281.13 with my quarterly risky level is $292.16.
The weekly chart for Spiders is positive but overbought with the ETF above its five-week modified moving average at $274.13. SPY is above its 200-week simple moving average or “reversion to the mean” at $238.10 after this average held at $234.71 during the week of Dec. 28. The 12x3x3 weekly slow stochastic reading rose to 88.51 last week, up from 86.01 on March 8 moving further above the overbought threshold of 80.00. SPY may be a week away from becoming an “inflating parabolic bubble” with a reading above 90.00.
Invesco QQQ ETF (NASDAQ:QQQ)
Courtesy of MetaStock Xenith
The QQQ ETF is in bull market territory 24.3% above its 2018 low of $143.46 on Dec. 24. QQQ is 4.9% below its all-time intraday high of $187.53 set on Oct. 1. Buy weakness to my annual and semiannual value levels at $169.27 and $167.53, respectively, and reduce holdings on strength to quarterly risky level at $192.04. My monthly and weekly pivots are $174.43 and $178.83, respectively.
The weekly chart for QQQ is positive but overbought with the ETF above its five-week modified moving average at $170.97. QQQ is above its 200-week simple moving average or “reversion to the mean” at $137.00. The 12x3x3 weekly slow stochastic reading rose to 89.89 last week, up from 87.61 on March 8 moving further above the overbought threshold of 80.00. QQQ will become an “inflating parabolic bubble” this week with a reading above 90.00.
iShares Transportation Average ETF (NYSEARCA:IYT)
Courtesy of MetaStock Xenith
IYT is in bull market territory 20% above its 2018 low of $155.24 set on Dec. 24. The ETF is also in correction territory 11% below its all-time intraday high of $209.43 on Sept. 14. Buy weakness to my semiannual value level at $159.63 and reduce holdings on strength to my monthly, quarterly and annual risky levels at $193.67, $195.81 and $196.35, respectively.
The weekly chart for IYT is positive with the ETF above its five-week modified moving average at $184.27. The ETF is above its 200-week simple moving average or “reversion to the mean” at $165.19. The 12x3x3 weekly slow stochastic reading rose to 76.42 last week, up from 73.21 on March 8.
iShares Russell 2000 ETF (NYSEARCA:IWM)
Courtesy of MetaStock Xenith
IWM is in bull market territory 23% above its 2018 low of $125.81 set on Dec. 26 and is also in correction territory 10.7% below its all-time intraday high of $173.39 set on Aug. 31. Buy weakness to my semiannual and monthly value levels at $149.77 and $148.81, respectively, and reduce holdings on strength to my quarterly risky level at $160.93. My annual pivot remains at $157.49.
The weekly chart for IWM is positive but overbought with the ETF above its five-week modified moving average at $152.32. The ETF is above its 200-week SMA or “reversion to the mean” at $136.06. The 12x3x3 weekly slow stochastic reading slipped to 86.68 last week, down from 86.87 on March 8 with both readings above the overbought threshold of 80.00.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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