Highlights from the ETF Ranking, Trends and Setups Table

This is an update covering some recent setups on the ETF Ranking, Trends and Setups table. There were no new trend signals over the last two weeks. Only 6 of the 118 ETFs are in downtrends, which are based on StochClose signals. 52 ETFs scored 98 or higher on the 52wk Range score, which means they are at or close to 52-week highs. Even though the energy-related ETFs are in uptrends, they are still near the midpoints of their 52-week ranges. I will leave it up to you to decide if the oil barrel is half full or half empty.  

The image below comes from the ETF Ranking, Trends and Setups table. It is sorted by the Up&OS column first and then by the 52wk Range column. For a two column sort, hold the shift key, click the header of the first column and then the header of the second column.

You can learn more the table in this article.

“Oversold” displays ETFs that are in uptrends and that were oversold at some point over the last five days. This means StochClose is on a bullish signal (Trend = Uptrend) and RSI(14) dipped into the 30-50 zone at some point over the last five days. Some ETFs bounced since this initial dip and this is why current RSI is above 50 for some, such as DBB, XLI and XHB.

The second sort by 52wk Range puts ETFs that are closest to a 52-week high at the top. Technically, the indicator is based on closing prices over a 255 day period. Thus, the close for DBB, XLI and XBH was the highest close in the last 255 days, which is a 52-week closing high.

Here is a list of ETFs that are in uptrends and were oversold at some point  in the last five days.


Of note, the Technology SPDR (XLK), Software ETF (IGV), Internet ETF (FDN), Cloud Computing ETF (SKYY) and Cloud Computing ETF (CLOU) all became oversold within the last five days and bounced on Thursday with 2+ percent gains. The reopen trade may be getting the headlines, but the tech-related ETFs are clearly not dead. XLK, FDN and IGV are getting bounces off broken resistance, which turned into the first support zone.

The chart above shows an example using IGV. After the breakout and new high, IGV fell back to the breakout zone with a tight falling flag the last two weeks and an RSI dip into the oversold zone. This is really short-term stuff and the flag is very narrow. So far, IGV is bouncing off support and looks poised to resume its uptrend. In an ideal world, IGV would not look back and simply continue higher.

But the world is often not ideal. As such, I will put another scenario out there. This is not a prediction, but rather a possibility to consider when planning your trade. IGV could zigzag around for several weeks and still remain in an uptrend. The green arrow line on the price chart and the blue arrow line on RSI show a possible scenario going forward. This involves a dip below the breakout zone and a RSI double dip into the oversold zone. Notice how RSI hovered in the 50 area for most of September and the did double dip in October-November. It is just something to consider going forward.

Plan your trade before initiating and then trade according to that plan.

Thanks for tuning in and happy Friday!

-Arthur Hill, CMT
Choose a Strategy, Develop a Plan and Follow a Process

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