Unlocking ETF Trends: Weekly Market Review & MAXLIST Highlights - Jun 30, 2024
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This week's market review reveals a mixed bag. While the market started strong, it lost steam by the end. The IBD 50 is showing some distribution, indicating caution. Gold miners and gold itself are struggling, while biotech is showing potential but needs a stronger push. Oil and gas exploration, aerospace and defense, and home construction are areas to avoid. Software technology and real estate are showing promise. The S&P 500 is trending nicely, but small caps and midcaps need more power. Pharmaceuticals had a good run, but are now showing signs of weakness. Transportation, airlines, and oil services are lagging. QQQ and QLD are still trending up, but be cautious. Retail is sloppy but still trending up. Silver, steel, and solar are areas to avoid. Semiconductors are picking up, but need more lift. Consumer staples and healthcare are holding on, but watch for distribution. Consumer discretionary is grinding up, but with a lot of chop. Metals and mining, oil and gas, and retail are all choppy. Utilities are showing no power. Technology is doing well, but there was some selling on Friday.
In the Max List stocks, Apple and Amazon are doing well. Alibaba and Baidu are not. Google is being cautious. Meta needs more buying power. Microsoft is in good shape. Goldman Sachs needs to break through a line with volume. MasterCard is sloppy. Netflix has a clean and simple base. Nvidia is in good shape, but watch for selling pressure. Tesla has a clean and simple base. Visa is not looking good.
Remember, don't argue with price, let the price and volume action guide your decisions. Focus on the weekly and daily charts. Don't get sloppy or complacent. Manage your positions and never let a good profit turn into a loss.
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