4/14/20 MARKET CLOSE Update: ETF 'X' INDEXES

Daily Coverage of the SPDR X ETFs

XLV: Chart with Detailed Levels

Market Structure: Close to NEUTRAL

Momentum: Bullish (but VERY close to exhaustion)

Internals: Above the Zero line

Block Volume: Neutral

GEX: Positive


XLV Summary: Approaching the market structure repair levels and major resistance. Running out of momentum and really neutral GEX. Internals flat. Monitor it the next couple of days. A stop run above the MSL and then drop would be dirty.

XLU: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (with room to go)

Internals: Above the Zero line (bullish)

Block Volume: BTD crowd today stepped up

GEX: Positive


XLU Summary: Bounce back Tuesday and has room to MSL at 63.50 level. Can it get there?

XBI: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Ramped up today into max out level

Block Volume: Negative

GEX: Negative


XBI Summary: Seemed like late comers to the bull were chasing this up today. Still has room to low 90s above. See what happens rest of the week. Has to get over 93-95 to start new bull.

XLRE: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (with some room to go)

Internals: Above the Zero line (bullish)

Block Volume: HEAVY Chasing (am I missing something with CMBS defaults?)

GEX: Neutral


XLRE Summary: Put this in here because it makes sense to look at commercial real estate alongside Home Building. This has been really chased almost in the same manner as HYG. All about the FED buying this stuff direct at this point? Maybe...has to take the MSL out to get bull going from our quant rules.

XHB: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (with some room to go)

Internals: Negative below the zero line

Block Volume: HEAVY Negative

GEX: Negative


XHB Summary: Still in the dirt but it still has room up to 38.00 if it wants to keep going up.

XME: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (exhaustion)

Internals: Above the Zero line (bullish)

Block Volume: Buy side today

GEX: Positive


XME Summary: This was flat today but internals turning up...price may keep leaking up to $20 but this is a short candidate once this move terminates. There is no demand for anything from any producer in this index.



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