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Scott Redler’s Dog Bytes: ETF Action

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SPX futures are flattish but off the highs after the worst April since 2008. Some sectors made new 2022 lows and a few key names are at multi-year lows. We've been Tactical since April 5. This open isn't very interesting with the Oscillator at -42. We’ll see if there’s a real bounce ahead of the Fed. Resistance is the 4162-4270 area. The longer we stay below that, the higher the probability we see the 3850-4000 region.

ARKK has made lower highs and lower lows for almost a year and a half. My moving average rules should have helped you stay out of the way. When something is below the 8/21 day, you can’t hold onto it. Last week's low was $45.89. Use that for active action today.

XBI is weak but sometimes gives trades. It broke $80 to make a new low of $72.59 last week. Use that pivot for active action.

XLE lost special status last when it broke the $79 area on April 21. Last Monday, it made a low of $71 and had a decent bounce. I'd stay tactical here. This sector needs time to re-build.

Banks haven't been a place to hide all year. XLF is broken like most sectors. Use last week's low of $34.45 for tactical action.

Positions Disclosure as of 5/2/2022 at 8:52 a.m. ET

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