ITOT closes higher for the 2nd day in a row
iShares Core S&P Total U.S. Stock Market (ITOT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ITOT ended the month 1.89% higher at 69.44 after gaining $0.95 (1.39%) today. Closing above Monday's high at 68.49, iShares Core confirmed its breakout through the previous session high after trading up to $1.29 above it intraday.
Daily Candlestick Chart (ITOT as at Jun 30, 2020):
Tuesday's trading range has been $1.49 (2.18%), that's slightly above the last trading month's daily average range of $1.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ITOT.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 69.78 during the day, the ETF found resistance at the 20-day moving average at 69.74. The last time this happened on March 31st, ITOT lost -4.75% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 70.69 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for iShares Core. Out of 759 times, ITOT closed higher 55.73% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.98% with an average market move of 0.50%.