SPYM's double bottom holds, but the buy signal is losing steam
SPYM slips 0.6% and rebounds off its double bottom as the buy signal loses steam
SPYM's double bottom holds, but the buy signal is losing steam
Our view last week
After last week's strong buyer comeback (97% of volume on the buy side), the tide turned on SPYM: this week 83% of trading was on the sell side and the fund gave back 1.5%. The ADX keeps falling, now a fifth straight week, a sign the trend holds but keeps losing steam. Trade profit slips to +9.40% since entry.
This week's summary
SPYM has just completed a clean double bottom in the 85 area, bouncing 4% off the lows. The push has cooled though: 76% of this week's volume was on the sell side, the MACD histogram flipped negative, and weekly momentum has gone nearly flat. Our SPYM technical analysis reads a trend that is still bullish, but with the ADX falling for a fifth straight week. The trade, opened 15 weeks ago, remains in profit at 8.75%.
IQS Phase
52
ordinary
Signal Strength
38
medium · weak
Sizing
REDUCED
Ranking
#85 / 124
US stocks in progress
Trade P&L %
+8.75%
from signal to today
Rank position
ranks 85th among the 124 Longs already running for US stocks in our ranking, with a signal strength of 38 out of 100.
Sector context
SectorETF Broad
Benchmark ETF—
Sector regime
Performanceweekly coming soon · monthly coming soon
SPYM belongs to the etf broad sector (reference ETF ).
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