These ETFs Should Be On Your Watchlist Right Now
ETF Trade Watch
The market appears to want to push higher as the bear market rally is still very much intact. Whether this is part of a reversal out of the bear market still remains to be seen as the long term trend still seems to indicate that we are still in a bear market cycle. The bullish runs we have seen over the course of the past year have all let investors and traders alike down with a bit of disappointment. However, as long as the market continues its upside move, we will continue to trade what the market gives us and check our bias of what we think will, or should, happen at the door.
SPDR S&P 500 ETF Trust (SPY)
When the market is trending higher as it has been for the past couple weeks, it can be useful to find levels on the SPDR S&P 500 ETF Trust (SPY) in order to get a wholistic view of the market. Looking at SPY and finding your major support and resistance levels can help immensely in trying to gauge where a pullback may come into play and what prices will be involved.
Will the rally continue, and if so, what will be our next resistance level? Or will the rally fizzle out, and if thats the case where could the market pullback to? These are all questions you would want to have an answer for before you take any major positions.
In the video below, you will see a few levels I have mapped out in order to keep them on your radar as we work our way through yet another trading week.
Invesco QQQ Trust Series I (QQQ)
Another ETF that should be on watch given the recent strength of the tech sector is QQQ. This sector is made up of a lot of the big boys in the tech sector and if names like Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA) continue to track higher then this is a name you will want to keep your eye on. See if you can nail down any significant levels for this ETF based on levels that have proven to be resistance or support in the recent past.
If you want to join my students and I as we learn how to look at sector ETFs for our trades then you’ll want to become a member of my Smart Trades options trading service. Not only will you get all my trades, but you’ll also be a part of a growing community of like-minded traders looking to learn and hone their options trading skills.
Learn to find support and resistance levels like we have done in this video in order to find trades based on your own ideas. You’ll learn how to look at a price chart like in the video above and after a while will be able to pick out the most significant price levels yourself so you can better map out your trades, join today!
I look forward to trading with you, but until then, as always…
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