Watch These Key Levels for the Portfolio’s Holdings and the S&P 500
Oversold? Near Oversold? These are the next RSI levels to keep an eye on over the coming days.
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Amid rising market uncertainty, we’re sharing an updated look at relative strength index (RSI) levels for key market indexes and holdings in TheStreet Pro Portfolio.
You’ll notice that neither the RSI levels for the S&P 500 nor the Nasdaq Composite indicate they are oversold and that the corresponding inverse ETFs we have in the portfolio are not as yet overbought. While only one holding is currently oversold, Marvell Technology MRVL, we are seeing several approach that condition. Data and events over the next few days could bring those RSI levels lower, and in some cases, it may trigger an oversold condition.
As we discussed in today’s Daily Rundown, we have a full plate of oncoming developments that we will want to get through, but even after that, March-quarter earnings season and June-quarter guidance looms. Between this week and the start of earnings season on April 11, we’ll be mindful of potential head fakes in the market, especially if we start to see a wave of negative earnings pre-announcements.
Recognizing RSI levels fluctuate, we will be watching them closely over the coming days. And should the S&P 500 positively re-test support at 5500 that would suggest a potential bottom. But if it doesn’t the next layer of support clocks in around 5400.
When the market does bottom, that’s when we’ll start to prudently deploy the portfolio’s increased cash position.
Market Indexes
S&P 500: 36.30
Nasdaq Composite: 33.94
Pro Portfolio Inverse ETF Holdings
ProShares Short QQQ PSQ: 66.51
ProShares Short S&P500 SH: 65.07
Pro Portfolio Holdings
Oversold
Marvell Technology MRVL: 26.99
Nearing Oversold
Alphabet Inc. GOOGL: 30.9
Amazon AMZN: 32.39
American Express AXP: 37.85
Axon Enterprise AXON: 39.65
Eaton Corp. ETN: 34.76
Elastic N.V. ESTC: 36.1
First Trust Nasdaq Cybersecurity CIBR: 36.82
LabCorp. LH: 32.67
Meta Platforms META: 34.21
Morgan Stanley MS: 36.78
Microsoft MSFT: 31.99
Nvidia NVDA: 35.15
Qualcomm QCOM: 36.31
ServiceNow NOW: 32.00
Universal Display OLED: 36.64
VanEck Uranium & Nuclear ETF NLR: 34.49
Vulcan Materials VMC: 39.22
RSI Greater Than 40:
Apple AAPL: 43.47
Bank of America BAC: 40.43
Costco Wholesale COST: 45.41
Dutch Bros BROS: 40.34
Palantir Technologies PLTR: 43.47
United Rentals URI: 41.8
Waste Management WM: 59.71
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At the time of publication, TheStreet Pro Portfolio was long MRVL, GOOGL, AMZN, AXP, AXON, ETN, ESTC, CIBR, LH, META, MS, MSFT, NVDA, QCOM, NOW, OLED, NLR, VMC, AAPL, BAC, COST, BROS, PLTR, URI and WM.
