4 ETF’s I’m Watching Right Now


We have mostly green arrows around the world to extend last week's gains. There’s not much out of the G7. China declared victory on the pandemic as the region keeps outperforming. There could be a ceasefire in Ukraine as Russia takes more territory.

SPX futures are +16 giving upside follow-through to last week’s strength. The Oscillator is probably +60, making new buys tricky.
But maybe the markets want to test the 50 day above into quarter-end. Big resistance is in the 3974-4020 area.

Now let's dig into some of the ETF's I'm watching right now:

Tech led last week, giving clues we can have an oversold bounce with some power. The QQQ's filled one gap and are already near the second. Friday's high is $295.04. We’ll see if it wants to fill the second gap above at $299.

XBI was a great vehicle last week as it finally showed relative strength and hit a high of $77.65. I sold mine Friday, but I’m looking to buy it back. We'll see what type of digestion we get here.

ARKK didn't lead the markets to new lows the week of June 14, which signaled it could outperform. It hit high of $45.98 Friday. With a little digestion, this can see $54ish if this market rallies into quarter-end.

XLE gave ways to sell as it lost special status. There was the break below $91.71 and then it lost the 8/21 day. Then there was a correction to the 200 day with a low of $69.47 last week. If it tries to bounce, there will be resistance in the $74-$77 area.

Scott's Positions Disclosure:

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