Scott Redler’s Dog Bytes: Market Moves in Banks and ETFs

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Last Friday, the SPX hit 4546. Moves like that are why we focus on price and patterns instead of opinions. SPX futures are flattish and we’ll see if we can hold above 4455-4500 to keep this active sequence intact to continue towards 4600.

Small caps are trying to keep this active sequence intact. If IWM can hold $203.75, it stays constructive to clear $207.44 for a move up to the $212 area.

ARRK gave a nice bounce off drastic oversold levels. It hit a high of $68+ where many sold. As long as this holds $62-$64, some will stay for a move towards the $78 area.

The banks have been impressive and working higher. XLF needs to hold the $38ish level, though you still need the right entries and exits.

XLE is still leading. It woke up Friday again after holding the 8 day. I’d keep buying dips if that continues. Now we can give it to the $76.50 area.

Positions Disclosure as of 3/28/2022 at 8:30 a.m. ET