Key ETF Levels This Week


We have mixed markets around the world with a slight positive feel. Friday's solid jobs report quieted the recession debate.

AAPL's solid report with the tech action also helped the indices reclaim the 8/21 day moving averages again.

We have the CPI and PPI this week. There's some concern that they will stay elevated but that probably doesn't alter the Fed's course. The debate is over cutting rates in the second half of 2023, not if they need to continue to raise.

We'll see if 4084-4114 holds to clear 4147-4164 later this week.

SPY reclaimed the 8/21 day again on Friday.

Now we’ll see if it can hold $411ish to clear $413.74 to see the high of the range again. We'll probably need benign CPI and PPI numbers to have it clear that.

Tech continues to act best. QQQ's cleared $318 fast to see $323 again. Now we’ll see if it can hold the $320 area to keep upper momentum.

Now let's look at some of the big index ETFs I watch:

XLE hasn't been special all year as I've mentioned many times. It broke $83 to see a low of $77.87. See if it can hold the $79 pivot now.

XLF bounced Friday after four down sessions. I'd trim into early strength. Watch JPM for clues. I’d stay away aside from quick range trades.

KRE: regional banks are still a problem. 3 banks went to zero. PACW cut the dividend and it's up 32%. I would not chase it. KRE has resistance at $40.67-$41.28.

IWM is choppy and lags but worth a look at times. It's only a headwind when making lows. I guess it has room to the $179 area.

ARKK had a rare gap up that held on Friday. Perhaps it can continue towards the $38 resistance downtrend line. That spot will be important.

Scott Redler Positions Disclosure as of 2023-05-08 at 8.10.19 AM

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