4/12/20 Weekend Update: ETF 'X' INDEXES

XLV: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but close to exhaustion)

Internals: Positive

Block Volume: Negative

GEX: Positive


XLV Summary: Approaching the market structure repair levels and major resistance. Left some major FVG gaps behind at much lower levels. This has light volume trading as well...which has to be monitored. Watching the next couple days on this. Bulls want a full repair and then to fill the FVGs below. Bears want to kill it here (or near here) and reset market structure lower.

XLU: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (with room to go)

Internals: Neutral

Block Volume: Neutral

GEX: Positive


XLU Summary: This has room to go higher but I think is a good short candidate anywhere between here and the Market Structure Level above with a stop not far above the MSL. The GEX is running into the next set of negative gamma strikes and resistance altogether. As COVID-19 forces more and more unemployment, Utes will deal with more and more defaults from customers.

XBI: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Positive

Block Volume: Negative

GEX: Negative

Put Open Interest: Much lower levels than current price are clearly below


XBI Summary: This is the risk-on trade for Dealers. That is well known - they love XBI and it's derivatives as this thing moves. This has several resistance levels above and is running out of steam. It also has negative GEX already in place. I think this is a good short candidate anywhere here and above. Stop above the MSL. Not quite exactly ready for a trade able setup yet, but getting close.

XHB: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (with some room to go)

Internals: Negative

Block Volume: HEAVY Negative

GEX: Negative


XHB Summary: Still room to the upside in Home Builders from the hole they were in two weeks ago but a far way from repairing the MSL. Unemployment could be 35% before this is over and mortgage applications are down 50-75% in most of the country. This will be hard to overcome. 37.00 level is key with XHB for clues to next tradeable move.

XME: (NEW) Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Positive

Block Volume: Neutral

GEX: Neutral


XME Summary: Added this during this weekend as I think it is useful to get a picture of the 'going to be raging inflation' narrative. What about this says inflation to you? If you said nothing you are correct. I get that the mines are shut down and that is having an impact on the gold price, but when no one is building new projects (and I have good information that ALL PROJECTS from most large developers are scratched until 2021 late or 2022) then what is the need for aluminum or copper or silver? Bearish and under the MSL until it isn't.



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