4/15/20 MARKET CLOSE Update: ETF 'X' INDEXES

Daily Coverage of the SPDR X ETFs **today we added (XRT - Retail) to the mix**

XLV: Chart with Detailed Levels

Market Structure: Close to NEUTRAL

Momentum: Bullish (exhaustion)

Internals: Above the Zero line but falling

Block Volume: Chasers today

GEX: Positive


XLV Summary: This seems to remain bid like the FAANGMs...I am going to pull apart what is in this to see if I can figure out why it is being bought so ferociously...more on that tomorrow. This still looks primed to let go once distribution is done.

XLU: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (turned down hard today)

Internals: Above the Zero line (bullish but turned down today)

Block Volume: BTD crowd today (but didn't matter)

GEX: Turned Negative


XLU Summary: This had large buyers step up today but turned markedly negative and was kicked to the bottom of the distribution zone. Does this turn back into the zone or does this drop out?

XBI: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (exhaustion setting in)

Internals: Turned down hard from yesterday

Block Volume: Neutral

GEX: Negative


XBI Summary: This got kicked out of the distribution zone today as it is more speculative than XLV...this is normal playbook when institutional traders are done with XBI (they love the movement in it). Let's keep an eye on this b/c if this jumps back into the distribution zone then sellers are not done distributing it yet up here.

XLRE: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (turned down hard today but didn't cross over)

Internals: Above the Zero line (bullish but turned down hard today)

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

GEX: Neutral


XLRE Summary: This was rejected out HARD today from the distribution zone. This one is a close MONITOR ALERT too because there is such little price support between the distribution zone and the lower FVG. IF it drops, could be fast and furious. Sellers could step on the gas here...or let it back into the distribution zone until they are done with it...tbd.

XHB: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but only by a thread..in fact pretty much bearish cross over today)

Internals: Negative below the zero line and puking

Block Volume: HEAVY Negative

GEX: Negative


XHB Summary: All I can think of with this chart is playing Mortal Kombat as a kid on my Sega..."Finish Him (insert mid-90's video game sound voice over)"...but having said that just this does not have a straight line lower as there are some supports before the previous low. Longer term I think this does get finished off...

XME: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bearish (crossover happened today)

Internals: Above the Zero line (bullish but fading rapidly)

Block Volume: Buy side today but got spanked

GEX: Positive


XME Summary: Buyers stepped in at support (positive GEX) and provided the liquidity or this was flirting with ugly. Only question at this point is does it take another shot at the distribution zone or does is start testing lower levels. Broad market could impact that answer...

XRT: Chart with Detailed Levels (New Today)

Market Structure: Still overall Very Bearish

Momentum: Bullish (exhaustion)

Internals: Above the Zero line (bullish but turning over)

Block Volume: Chasing today (WTF?)

GEX: Negative


XRT Summary: Ugly day for retail. Many stories that confirm it but price is still hanging around the distribution zone. Can go back in it or it can just dump here. TBD...but this is a MONITOR in my list because of how ugly this could get.


Sign Up for Exclusive Trading Tips, Tools and More

DISCLAIMER: This site and all prepared documents are for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action, including without limitation as those terms are used in any applicable law or regulation. This information is provided with the understanding that with respect to the material provided herein (i) voliswell.com is not acting in a fiduciary or advisory capacity under any contract with you, or any applicable law or regulation, (ii) that you will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives, (iii) that you are capable of understanding and assessing the merits of a course of action and evaluating investment risks independently. voliswell.com does not purport to and does not, in any fashion, provide tax, accounting, actuarial, record keeping, legal, broker/dealer or any related services. You should consult your advisors with respect to these areas and the material presented herein. You may not rely on the material contained herein. voliswell.com shall not have any liability for any damages of any kind whatsoever relating to this material. No part of this website or it’s documentation may be reproduced in any manner, in whole or in part, without the written permission of voliswell.com except for your internal use. This material is being provided to you at no cost.

© 2020 VOLisWELL