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Looming Ceilings For Some ETFs

By Tim KnightStock MarketsMay 27, 2022 11:45AM ET
www.investing.com/analysis/looming-ceilings-for-some-etfs-200624978
Looming Ceilings For Some ETFs
By Tim Knight   |  May 27, 2022 11:45AM ET
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Ever since last week, the market has been slicing the heads off bears left and right, with the Dow up thousandsof points and the S&P 500 Futures up about 300. It’s been unrelenting.

S&P 500 Futures Daily Chart.
S&P 500 Futures Daily Chart.

My view is that all this is going to accomplish is that the surviving 12 bears on the entire planet will just have another opportunity to short at good prices. There may be more upside in some sectors, but there are definitely some ETFs where I can point to logical, and major, resistance levels, like the SPDR® Dow Jones Industrial Average ETF Trust (NYSE:DIA):

DIA Chart.
DIA Chart.

And he worldwide equities iShares MSCI EAFE ETF (NYSE:EFA):

EFA Chart.
EFA Chart.

(Which, on a much longer timescale, illustrates how beautifully we are mashed up against that incredibly important broken trendline):

Long-Term EFA Chart.
Long-Term EFA Chart.

And the iShares Russell 2000 ETF (NYSE:IWM) small caps:

IWM Chart.
IWM Chart.

And the consumer discretionary Consumer Discretionary Select Sector SPDR® Fund (NYSE:XLY):

XLY Chart.
XLY Chart.

I’ve mentioned 4100 (approximately) as a key level on the /ES futures, and we’ve pushed past that (strictly speaking, the retracement is at 4165.02, so we have not exceeded the line, as today’s peak has been 4126 as of the composition of this post):

S&P 500 Futures Chart.
S&P 500 Futures Chart.

The Nasdaq 100 Futures also look enticing:

E-Mini NASDAQ Futures Chart.
E-Mini NASDAQ Futures Chart.

In spite of the fact this is probably a sensational time to go “all-in” with shorts, I am simply too bloodied and dazed and cautious to do so. Thus, I remain merely two-thirds committed to positions. Emotions are terrible for good trading, and I regret that mine are still in fully-functioning operation.

Looming Ceilings For Some ETFs
 

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Looming Ceilings For Some ETFs

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Comments (3)
Jeff Page
Jeff Page May 28, 2022 10:38AM ET
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We are in an uptrend within a bear market. This should play out over the next two weeks.This has been retail driven so participation will be needed by the hedge funds and institutions. Not many sellers left, just traders. Go long Q's! Play it with 30% stops or debit spreads. You can also use ARKK calls or SARK puts. IWM (RUT) and bonds set my direction. Caution: never invest more than you can lose,don't bet with baby formula or gas money. Best to you! Eye on the VIX (UVXY) 1.5X.
Enrico Delfini
Enrico Delfini May 27, 2022 7:20PM ET
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Certainly you can dind a definite bear market, your v er ga is going to go down, so short sell it!
Ethan Strong
Ethan Strong May 27, 2022 4:28PM ET
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Might see a pretty big move on Tuesday. JPM's collar hedge fund rolls and considering how thin volume has been I expect a volatile close.
 
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