Software Technology is Showing Some Promise: IGV Could be a Potential Buy
Unlocking ETF Trends: Weekly Market Review & MAXLIST Highlights – Jun 23, 2024
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The IBD 50 is showing some weakness, folks. It’s put in a big reversal bar and is falling. We need to see some strength before we jump back in. Gold miners are still lagging, and gold itself isn’t looking much better. We need to see some real power there before we even consider it.
Biotechnology isn’t looking too bad, though. It closed up on the daily and weekly charts, but it needs to break through those tops with a strong market. Remember, biotech can be a bit risky, so tread carefully.
Oil and gas? Forget about it. It’s falling, and we’re not interested in catching falling knives. Let’s focus our energy and money on areas with more potential.
Software technology is showing some promise. IGV is acting decent, and if it breaks through those tops with volume, it could be a potential buy. Remember, simple is often better. Clean and simple charts are easier for everyone to see, which increases the chances that others will act on it.
Medicine is a bit choppy, with lots of selling pressure. It needs to push through that downward sloping trend line with heavy volume before we get interested.
Aerospace and defense, home construction? Both lagging. Stay away for now.
S&P 500 growth stocks are still hanging in there, even with the market’s recent volatility. We own a bunch of these, and they’re working for us.
Small caps, real estate, transportation, midcaps, oil services? All lagging. Stay away.
Pharmaceuticals? Not bad, actually. Take a look at Eli Lilly. It’s a leading stock in this group, and it’s been good to us. Remember, folks, leading stocks in leading groups are where the real money is made.
NASDAQ 100 is holding up and could bounce off the 8-day moving average. This tells us that NASDAQ 100 stocks are worth a look. If you’re feeling overwhelmed, sort the list by percent off highs, and the leaders will rise to the top.
Tesla is forming a nice base, but it needs to push through those tops with good volume and a good market.
Visa? Nothing there. It’s just chopping around.
Remember, folks, focus on clean and simple bases, look for volume, and always consider the overall market conditions. Don’t chase price, buy at the right spot or not at all. And as always, stay sharp, keep learning, and keep finding those winners!
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MAXLIST tickers are included below. For the list of ETF tickers, visit our website and click on the post that contains today’s video:
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We are asked quite often what charts Patrick is using in these videos. The charts with the black background are Ensign Software. You can find more information about them at EnsignSoftware.com
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