4/18/20 MARKET CLOSE Update: ETF 'X' INDEXES

Daily Coverage of the SPDR X ETFs

XLV: Chart with Detailed Levels

Market Structure: NEUTRAL

Momentum: Bullish (total exhaustion)

Internals: Above the Zero line and steady

Block Volume: Declined day over day but strong

GEX: Positive


XLV Summary: This has been on a one-way price train for 4 weeks now. Very little price discovery with this sector (even less than the FAANGs) It has left some serious gaps behind. Since the MSL is now neutral, the reaction at the support FVGs left behind is the key to turning this bullish long term. Continued price advancing would be quite dangerous long intermediate long term and if that is what happens then we very well may be seeing a blow-off type of move.

XLU: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Positive Above the Zero line

Block Volume: Positive

GEX: Positive


XLU Summary: This appears like it wants to test the upper end of the distribution box and the MSL. GEX is really positive as well. Should it take out the MSL then the reaction at the lower gaps/support is important for turning it into something long term bullish.

XBI: Chart with Detailed Levels

Market Structure: Close to Neutral

Momentum: Bullish (exhaustion setting in heavy)

Internals: Positive

Block Volume: Neutral

GEX: Neutral


XBI Summary: This is the Risk-On trade but the Friday action looks blow-off like. There was a significant stir about GILD and some potential market moving insider trading on Friday. GILD is one of the top 5 holdings for XBI so no shock that it moved like that. Look at the sustained buying back in Nov/Dec versus Now. There is tons then and none now...so thin buying and a quick price rise...when this comes back and tests lower levels, it needs to hold them...

XLRE: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Above the Zero line

Block Volume: HEAVY (Fed buying?)

GEX: Neutral


XLRE Summary: I think that we need to put this one in the HY Credit category. It looks just like they do as they all have the same pattern - after doing some quick research tonight CMBS is a part of the Fed purchasing allotment. Looks at the buying (lower frame) for the past year and look at it now. Totally different pattern. It is assumptive, but there is good reason and evidence to believe that the Fed is buying this each day with the HY ETFs.

XHB: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Negative below the zero line

Block Volume: HEAVY Negative

GEX: Negative


XHB Summary: Still very bearish structure. The price can roam in the distribution box, but without a measured improvement to unemployment, who is buying houses? That is until the Fed puts together the BHDBB program (buy houses directly from broke builders)...kidding not kidding at this rate.

XME: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bearish

Internals: Above the Zero line

Block Volume: Positive

GEX: Positive


XME Summary: Metals and mining are still very bearish. There is little demand for anything from mines and no signs of inflation. This price structure can meander around up to 22 but there is heavy resistance there. Until something changes, this is in line with home building as the demand at this time in the market is not for hard assets/tangible things, but tech and health care alone.

XRT: Chart with Detailed Levels

Market Structure: Still overall Very Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Above the Zero line

Block Volume: Positive

GEX: Negative


XRT Summary: Price still maneuvering in the distribution box. Above 34, the 37 level is the next price resistance. Neiman Marcus defaulted on their bonds on Friday. Up day on Friday? Hard to get a read on this at the moment.

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