Weekly Stock Report 3/3/24

Looking at the overall market, stocks performed quite well this week. IWM, SMP, as well as QQQ all closed up, with QQQ and SPY continuing their upwards channels, and IWM breaking out of a huge multi-month base.

Following is my sector chart review:

IYC (Consumer Discretionary ETF): This did extremely well this week. Continuing the upwards channel, this ETF's uptrend is undeniable. Look out for Consumer Services stocks!

IYK (Consumer Stock ETF): This ETF looks pretty bad. Again, just like last week, the price is moving in a weird choppy base, not making any successful moves upwards. Last week I predicted that this ETF wouldn't do well, and it seems like I was right.

IYE (Energy ETF): Last week, I predicted that a breakout would lead to a potential buy point and bullish looks for the general energy sector. Looking at the chart, the ETF did indeed breakout, so it looks great!

IYF (Financials ETF): Again, IYF looks good. This week, it seems like the stock flattened out, potentially getting ready to make another leg up, bouncing of the moving averages.

IYH (Healthcare ETF): It looks like IYH pulled back this week, which was potentially a natural reaction to the recent highs it made. Despite the pullback, this ETF still looks good, as it seems to have bounced off the 20-day, showing relative strength.

IYJ (Industrials ETF): Again, the industrial sector did very well this week, making another leg higher. There isn't much to say about this, as it is simply surfing the moving averages.

IYM (Materials ETF): IYM did well this week, although still has lots of resistance ahead. Maybe next week, it will either break pasts the obvious point of resistance or test it, and drop back down.

IYW (Technology ETF): This looks amazing, as the ETF just broke out of a flag. If this was a stock, I would certainly buy it!

IYZ (Telecom ETF): It looks like IYZ broke out of its base last week. Despite this, there is still little momentum and pretty risky to buy here, although it is probably more likely to go up than down.

IDU (Utilities ETF): It looks like this ETF is forming a downward sloping base. Buying here would be very risky. Although, if a breakout occurs, breaking past the highs of this range, there could certainly be a viable buy-point.