Stock Market ETFs Trading Outlook For Friday November 22

Michele Schneider

Stocks traded lower on Thursday, as the market continues to trade sideways to lower this week.

Evidence thus far points to a cooling off phase here. Below are key price support and resistance trading levels for Friday:

S&P 500 ETF (SPY) – 310 is pivotal, especially on a closing basis. The suggestion for an interim top remains strong though, unless it takes out the all-time high 312.69

Russell 2000 ETF (IWM) – 155-156 is key price support. 157.75 Pivotal. 160.46 is price resistance. 

Dow Jones Industrials ETF (DIA) – Like SPY, the price action suggests an interim top unless it takes out the new all-time high at 280.84

Nasdaq 100 ETF (QQQ) – The 10-day moving average is at 202.00. All-time highs are at 203.84. There’s the closing range for the week to break one way or another.

Regional Banks Sector ETF (KRE) – 54.00 is price support. while 56.07 offers some resistance.

Semiconductors Sector ETF (SMH) – 130.14 is the high of the day prior to when this gapped up leaving a breakaway gap. Should this gap lower than that Friday, potential for an island top. Or at the very least a correction down to 125.0 area. 135.26 all-time high.

Transportation Sector ETF (IYT) – 190 is key price support, while back over 195 is better.

Biotechnology Sector ETF (IBB) – 111 is price support, while 115 is major price resistance. Overall, lots of money has rotated here this week.

Retail Sector ETF (XRT) – 42.95-43.05 is key price support area and this is below the 80-monthly moving average, which generally means lower.

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The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.