Many of the leading ETFs appear to building bases after the drawdown of the last few weeks.
Some notable action from the leading ETFs list:
The Utilities XLU has dropped significantly over the last two weeks; which is surprising because Utilities are considered a defensive position against broader bearish market conditions. This might be an indication that a more bullish tone could be expected in the broader market action.
Other ETFs such as the SPY (SP500) and XLK (Technology) might be creating a base at the lower end of the drawdown of the last few weeks.
Financials ETF (Vanguard VFH) seems to have already shrugged of the mild correction and looks poised to continue upwards.
Before entering new positions it helps to know about market action, you can view weekly videos here: https://profitableswingtrading.com/videos/
Watch for new potential buy signals and price levels by monitoring ETF alerts here: https://profitableswingtrading.com/all-etf-alerts-sequentially/
As always try to attempt new positions on ETFs with ADX greater than 15 or 20 and increasing.
Here is the sortable table of the top ETFs for this week:
[table id=44 /]