By scanning these ETFs, we can efficiently gauge where potential opportunities lie and where to avoid wasting money. Let’s dive into the details.
First up, we have the Invesco 50 ETF (IBD). It’s rallied nicely and is approaching the 50-day moving average line. Ideally, we’d like to see a strong push over 50 with volume. Remember, the air is better above a rising 50-day moving average, and that’s a simple but powerful trading maxim. Not a lot going on here yet, but it’s an improvement to keep an eye on.
Next, we have the Bitcoin ETF. This one’s a bit trickier. It had a move recently but has been consolidating. It also needs to conquer the 50-day moving average to show real strength. For now, I recommend caution.
Moving on to the Gold Miners ETF (GDX). This one is basing on the rising 21-day exponential moving average, which is a positive sign. There’s been some accumulation, but also some distribution, in this chart. The key here is a breakout above the 21-day with volume. Until then, it’s best to sit on the sidelines.
Now, here’s a bright spot: the Aerospace and Defense ETF (ITA). This one looks decent and could be worth digging deeper into. Consider the top holdings of ITA to see if there are any gems hidden within that ETF.
ETFs on our list: ARKG, ARKK, ARKW, BBH, CLOU, ERX, FDN, FFTY, GDX, GDXJ, GLD, HACK, IBB, IBUY, IGV, IHI, IJH, ITB, IVW, JETS, KRE, MDY, OIH, PSJ, QLD, QQQ, SKYY, SLV, SLX, SMH, SOXL, SPY, SSO, TAN, TNA, USO, XAR, XBI, XEC, XHB, XLB, XLK, XOP, XLC, XLE, XLF, XLI, XLP, XLU, XLY, XME, XRT, and XSW. Scanning these ETFs to uncover strength helps us tune in to specific industry groups and sectors.
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