The SPDR S&P 500 ETF (SPY) has a Neutral Chaikin Power Gauge ETF Rating and continues to outperform the broader IWV (Russell 3000 ETF) though the relative performance has waned over the past two weeks. The OB / OS Indicator is moving lower and is on the verge of entering an oversold position. Chaikin Money Flow is bullish and SPY is below the declining long-term trend line.
Trading remains choppy for the broader market and it is interesting to note that the fund is close to levels first reached 15 trading days ago. Resistance is in the zone between $295 and $300 while near-term support is at the $275 level. In between these two price points is frustration.
The iShares Russell 2000 ETF (IWM) has a Neutral Chaikin Power Gauge ETF rating and continues to underperform the SPY but has shown improvement over the past week. Our OB / OS Indicator is moving lower, with room to oversold levels and Chaikin Money Flow is bullish. IWM is below the declining long-term trend line and has a bearish Power Bar Ratio.
On the upside, the key retracement levels for IWM are $133 (50%) and $141 (61.8%). Should the fund begin to fade from current levels, the first area of support is in the $115 – $120 range.
The Invesco QQQ ETF (QQQ) has a BullishPower Gauge ETF Rating and is leading the SPY with the intensity of outperformance increasing of late. The OB / OS Indicator is moving lower but has yet to hit oversold levels and Chaikin Money Flow is bullish. Resistance is in the area between $220 and $230 while support is in the area between $200 and $210.