IVV closes higher for the 2nd day in a row
iShares Core S&P 500 (IVV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IVV finished the month 1.51% higher at 309.79 after gaining $4.13 (1.35%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 305.66, the ETF confirmed its breakout through the previous session high after trading up to $5.75 above it intraday.
Daily Candlestick Chart (IVV as at Jun 30, 2020):
Tuesday's trading range has been $6.36 (2.08%), that's slightly above the last trading month's daily average range of $5.93. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IVV.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 311.41 during the day, the market found resistance at the 20-day moving average at 311.38. The last time this happened on April 3rd, IVV actually gained 6.74% on the following trading day.
IShares Core shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 315.75 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for iShares Core. Out of 348 times, IVV closed higher 57.76% 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 64.08% with an average market move of 0.40%.