Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Downgrading Industrials and Materials to UnderweightWe remain bullish on the S&P 500 and Nasdaq 100 (QQQ) as uptrends remain intact; the formation of new uptrends has been our expectation since late-April (4/30/24 Compass). Near-term we continue to expect to see support at the upside gaps from June 12 and also the 20-day MA and 21-day EMA on the SPX (5375-5408) and QQQ ($467-472). These are strong support levels. Longer-term, we are bullish as long as the SPX is above 5191 and the QQQ is above $449... see charts below. The Russell 2000 (IWM) remains constructive as it continues to form a high base while holding above $199 support. Considering market dynamics still suggest a risk-on environment, our bullish outlook (since early-November 2023) remains intact.
Downgrading Industrials and Materials. We are downgrading Industrials and Materials to underweight due to RS violating important supports on the XLI and XLB Sector ETFs – reduce exposure... see page 6.
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Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.
Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.
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