The iShares Russell 2000 ETF (NYSE:IWM) is a tough read. If the bulls really start to run with the market, it could push back up to the magenta-colored retracement, which is the next Fibonacci higher.
Banks, through the SPDR S&P Bank ETF (NYSE:KBE), are quite clearly broken, in spite of higher interest rates.
The SPDR S&P MIDCAP 400 ETF (NYSE:MDY) has a beautiful top, but again, it might have a bit more strength (see price gaps). Those two horizontals each represent potential exhaustion points for a rally.
The iShares S&P 100 ETF (NYSE:OEF) has one gap left to close.
The Fibonacci is trickier with the NASDAQ, via Invesco QQQ Trust (NASDAQ:QQQ), because the prices don’t seem quite as obedient with respect to those lines. The most important object at this point is the price gap, marked with a dotted line.
An important element in any NASDAQ bounce will be the VanEck Semiconductor ETF (NASDAQ:SMH), which has been in an exquisitely clean downturn.
The biggest one of them all, the SPDR® S&P 500 (NYSE:SPY), has one more gap left to potentially fill, which is the anchor point for that dashed line.
Consumer Staples Select Sector SPDR Fund (NYSE:XLP) is a messier chart, but keep an eye on that horizontal, which is this week’s peak.
Finally, consumer discretionary (Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY)) is quite a clean chart, with the price gap being the obvious exhaustion point.
