TechCheck Scan ETF Universe
We recently scanned the 800+ ETFs for those that trade at least $1 million per day. There were 270 of them. Today we scanned that list of 270 for those that exhibit strong upward price pressure in the form of the price, the 5-week average, the 10-week average and the 20-week average all being above the 40-week average.
There are 35 ETFs overall showing that condition; 12 with a downward sloping 40-week average, and 23 with an upward sloping 40-week average.
Here they are:
click images to enlarge
12 with Negative Slope 40-Week Average
23 with Positive Slope 40-Week Average
For discussion of the significance of and potential use for this sort of data, see two prior articles:
Role of the 200-Day Average In Risk Management
15 Point “TechCheck” for 52 ETFs
Note well please that there is no substitute for having a solid fundamental idea as to what you wish to own, why you wish to own it and how much of it you should own, before consideration of when buying it makes sense.
The sort of chart screening provided in this article is the last step, not the first step, in putting together a portfolio. Once you have the fundamental issues worked out, we believe buying the desired assets when they are rising in price is more prudent than buying them when they are falling in price.
The filtered lists in this article both have strong upward price pressure and recent price increases. The list with a rising 40-week average is in an up trend. The list with a falling 40-week average is in a down trend that may be turning up.
There are 158 ETFs among the 270 that have a negative slope 40-week average and with each of the price, the 5-week, the 10-week and the 20-week averages below the 40-week average. The other 77 are in some intermediate condition.
Richard Shaw
QVM Group LLC