Edition 0010. 03.19.2022. Week of 03.14 - 03.20.2022.
This weekly commentary examines 9 U.S. equity symbols. Some are indices and some are ETFs. Our aim is to develop a clear picture of how the U.S. market is performing. We analyze performance, price, trend, and momentum.
The U.S. Equity Landscape
Performance table sorted by the 1-week rate-of-change.
Click here for the performance table guide. Click the performance table to enlarge.
Big week for US equities led by the tech heavy QQQ, the Dow Jones Transportation Average, and the Russell 1000. Not much has changed from a quantitative perspective, though the DJT has had its trend and momentum turn positive and neutral from neutral and negative. We do not see any new lows. Instead we see large moves creating new 4-week closing highs. The DJT notched a 13-week closing high.
Performance table sorted by the year-to-date rate-of-change.
Click here for the performance table guide. Click the performance table to enlarge.
US Equity Landscape Performance Year-to-Date Chart. Click to enlarge.
Year-to-date, we have the Dow Utilities and Transportation averages with a small gain.
The Charts!
QQQ: The Nasdaq 100 ETF. Click to enlarge.
QQQ gained 8.35% in value last week. The massive candle recovered 4 weeks of losses. The moving average is not in trend as last week was higher while the previous week was lower. Momentum is flattening in negative territory. While price closed above the September 2021 swings low of $350, after the over 21% loss from its November 2021 peak, I am still maintaining a downtrend call with last week being a strong counter trend rally.
Standard & Poor’s ETFs
SPY: The S&P 500 ETF. Click to enlarge.
SPY gained 5.82% in value last week. The 40-period moving average was up last week after turning down the week before. Momentum is still negative though decelerating. SPY is rangebound.
IJH: The S&P 400 ETF. Click to enlarge.
IJH gained 5.3% in value last week. The bounce was not enough to turn its downward sloping 40-week simple moving average up. Momentum is decelerating in negative territory. Price remains rangebound.
IJR: The S&P 600 ETF. Click to enlarge.
IJR gained 4.22% in value last week. Like its mid-cap counterpart, the bounce was not enough to turn its downward sloping 40-week simple moving average up. Momentum is decelerating though negative. Price remains rangebound.
The Russell ETFs
IWB: The Russell 1000 ETF. Click to enlarge.
IWB gained 6.26% in value last week. The story of price, the moving average, and momentum is the same as SPY’s. Price is rangebound.
IWM: The Russell 2000 ETF. Click to enlarge.
IWM gained 5.36% last week. Momentum is decelerating and negative. The momentum oscillator line is testing its average line from below. Price remains in a downtrend.
Dow Jones Indices
DJT: Dow Jones Transportation Average. Click to enlarge.
DJT gained 8.3% in value last week. The candle is so massive that it notched a 13-week closing high. Momentum made a stand at its 0-line, though it remains below its downward sloping moving average. Price has broken above a downward sloping trendline, but price remains rangebound.
DJI: Dow Jones Industrial Average. Click to enlarge.
DJI gained 5.5% in value last week. The moving average is flip flopping as is SPY and IWB’s. Momentum is decelerating in negative territory. Price remains rangebound.
DJU: Down Jones Utility Average. Click to enlarge.
DJU gained 0.45% in value last week. That said, price is holding above it’s pre-covid high and above its upward sloping moving average. Momentum continues to coil. This is the only symbol in our universe that is quantitatively in an uptrend with a positive momentum condition.
Trend Summary Table
Conclusion
This was a very strong week for US equities. That said, we need to see follow through. Many of these symbols have a lot of work to do in order to repair their technical damage.
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