4/24/20 WEEKEND Update: ETF 'X' INDEXES

Week Ahead Coverage of the SPDR X ETFs

XLV: Chart with Detailed Levels

Market Structure: Neutral

Momentum: Bullish

Internals: Positive (but dropping with velocity x-over under money flow)

Block Volume: Positive

GEX: Negative


XLV Summary: Back at the highs. MSL is now pretty much been taken back so a neutral reading applies. This is up 37% off the lows in < 30 days. Pull back would make sense...if not more. 3 FVGs below that were left behind. Major bullish support test below would be the 87.17 level for long term bull market renewal confirmation. If no pull back at all, then this is some sort of liquidity terminating structure (which are very dangerous and end by getting cleaned out in a small amount of trading days).

XLU: Chart with Detailed Levels

Market Structure: Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Positive (but dropping hard towards zero line now)

Block Volume: Positive

GEX: Positive


XLU Summary: Utilities internals are heading for the zero line and price is in the distribution box. Watch for the bull bear pivot above or the 58.01 level support to be lost...those are the keys this week. No edge here at the moment.

XBI: Chart with Detailed Levels

Market Structure: Neutral

Momentum: Neutral (exhaustion setting in heavy)

Internals: Positive (looks toppy)

Block Volume: Neutral

GEX: Negative


XBI Summary: This is a current short from exact levels we are at now. Since this is neutral it is now irrelevant to me whether this was a bull market resumption move or a bear market bounce. This has 4 massive FVGs below that will be filled at some point with the first one 11% lower. A pull back would make sense...if not this is (like XLV) a terminating price rise that will end very abruptly and violently (think flash crash). Intermediate term doesn't matter to me at this point, the 75-80 level on a pull back would determine that...

XLRE: Chart with Detailed Levels

Market Structure: Bearish

Momentum: Bearish

Internals: Positive (but dropping harder now)

Block Volume: HEAVY (continued Fed buying clear)

GEX: Neutral


XLRE Summary: Looks exactly like HYG...zero real price discovery here because of steady bid by Fed/Proxies but still cannot overtake the major distribution box pivot level. MSL still negative, GEX neutral, and Interals are turning down. Bulls want this back into the box and bears have clear run way to 29.34 if they get momentum to the downside.

XHB: Chart with Detailed Levels

Market Structure: Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Negative

Block Volume: Negative

GEX: Negative


XHB Summary: Still very negative market structure but bounced back into the box on Friday and also turned momentum back up to neutral reading. All other readings negative. Price can migrate to 35-37.50 if it gets some bullish momentum behind it this week. If it cannot get through 35 then it lower levels are listed. Major overhead resistance (bull bear pivot line is not at 40.00 and moving lower) is dropping daily which is very bearish in the medium to long term and irrelevant of short term price action.

XME: Chart with Detailed Levels

Market Structure: Bearish

Momentum: Neutral

Internals: Positive (but dropping hard)

Block Volume: Positive

GEX: Positive


XME Summary: Metals and mining are weak as it Emerging Markets. Price can move up to 19 and then 21 if momentum can turn back positive but internals are collapsing quite hard (money and velocity) so those price moves would be uphill without real guts to support them. Longer term bull bear pivot is same as XHB above, dropping lower daily which is bearish with price far below it.

XRT: Chart with Detailed Levels

Market Structure: Bearish

Momentum: Neutral (bearish x-over not confirmed)

Internals: Positive (but very close to zero line failure)

Block Volume: Positive

GEX: Negative


XRT Summary: Trying to break out of the distribution box. Above it 37.56 level and then MSL at 41.00. Needs volume and internals to come through on price advancement up. Momentum is neutral now and trying for higher. 35.00 is major resistance.

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