The Invesco QQQ Trust (QQQ) has a Bullish Chaikin Power Gauge ETF Rating and continues to lead the SPY, with the intensity of outperformance beginning to improve once again. The OB / OS Indicator is moving higher from an oversold position and Chaikin Money Flow remains bullish. QQQ has retaken the rising long-term trend line and closed the week above the key $270 level, a positive sign for equity bulls.
The iShares Russell 2000 ETF (IWM) has a Neutral Chaikin Power Gauge ETF Rating and is performing inline with the SPY. The OB / OS Indicator is moving lower in an oversold position and Chaikin Money Flow is bearish. The fund is above the long-term trend line and the Power Bar Ratio is bullish.
Support is in the area between $145 and $150 while resistance is in the $160 – $170 zone. At this point, we are not looking for outperformance on the part of small caps but simply for them to get “in gear” with the larger stocks to signal that participation is broadening.
The SPDR Gold Trust (GLD) has broken down from the consolidation that has been in place since the end of July. The fund is nearing but not yet in an oversold position while Chaikin Money Flow has turned bearish in the near-term.
There is support near the $172 level, then in the $160 – $165 range.