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Unlocking ETF Trends: Weekly Market Review & MAXLIST Highlights – Jun 16, 2024

The IBD 50 is still struggling, but there’s potential if it can break through those recent highs with some real volume. Remember, volume is key – it’s how we know others are seeing the same potential we are.

Now, gold miners? Forget about ’em. They’re below the 50-day moving average, and we’ve seen some heavy selling. Gold itself isn’t much better. It needs to break through the 50-day with volume before we even consider it. Biotechnology is hanging in there, but there’s been some distribution. We’ll be cautious there.

Oil services? Nothing to see here. It’s below all the moving averages and falling. Stay away from energy stocks for now. Software technology is looking a bit better, back above the moving averages, but it needs to push through that top with volume. Pharmaceuticals are holding up okay, but we’ll keep an eye on them.

Aerospace, defense, home construction? Lagging. Stay away. S&P 500 growth stocks? Now we’re talking! We own a bunch of these, and they’re trending nicely. Small caps? Nope. Real estate? Choppy. Transportation? Lagging. Midcaps? Stay away.

Oil services? Forget it. Pharmaceuticals? They’re okay, but nothing special. NASDAQ 100 technology stocks? Trending nicely! We’re in those. Retail, silver, steel, solar? Choppy, be careful. Semiconductors and the S&P 500? Not bad. Communications stocks? Okay, but nothing exciting. Financials, industrials, consumer staples? Lagging. Technology (XLK)? Strong! We’re in those. Consumer discretionary? Hanging in there, but not much leadership. Metals and mining? Stay away. Oil and gas exploration? Stay away. Software? Be cautious. Utilities? Not much power.

Now, let’s talk about some Max List stocks. Apple has potential for an add-on buy if it breaks through those highs. Amazon needs to break through with volume. Alibaba, Baidu, Goldman Sachs, MasterCard? Stay away. Google has potential, but needs to break through with volume. Meta might be a pullback buy around 507.20. Microsoft is looking good, and we might buy more if it breaks through. Netflix is working well, and we might buy more if it breaks out. Nvidia is in good shape, but it might be extended. Square? Stay away. Tesla needs a strong reversal with heavy volume. Visa? Nothing there.

Remember, focus on clean and simple base entries. That’s the best setup to make money. Look for volume, it’s a sign of strength. Be careful with pullback setups, they’re riskier. And never take a full position into earnings.

That’s it for this week’s review. Remember, stay sharp, keep learning, and keep finding those winners!

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