Spider Small-Cap 600 ETF (SLY) Down 3-straight Sessions

The Spider Small-Cap 600 ETF (SLY) extended its losing streak to 3-straight sessions after trading to an intraday low of $51.08 while closing back below its 50-day moving average. Near-term and upper support at $51.50-$51 was breached but held. A close below the latter would be an ongoing bearish signal with additional pullback potential towards $50.50-$50.

Lowered resistance is at $52.50-$53 with additional hurdles at $54-$54.50.

RSI remains in a downtrend with upper support at 50-45 holding. A move below the latter would be a bearish signal for additional weakness towards 40-35 and early April levels. Resistance is at 55-60.

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Checking in on the VIX

The S&P 500 Volatility Index ($VIX) fell for the first time in 3 sessions despite testing a morning peak of 40.32. Current and lower resistance at 40-40.50 was breached but held with a move above the latter signaling additional strength towards 42-42.50.

Upper support at 35.50-35 was challenged but held on the afternoon fade to 35.53. A close below the latter would be a renewed bullish signal for a retest towards the 32.50-32 area.

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NextOptions.com Index and Earnings Options Play List for 5/5/2020

Before the open: AMC Networks (AMCX), Black Knight (BKI), Dominion Energy (D), Fiat Chrysler Automobile (FCAU), Gladstone Capital (GLAD), Haemonetics (HAE), Incyte (INCY), Jones Lang LaSalle (JLL), L3Harris Technologies (LHX), LendingTree (TREE), MGM Growth Properties (MGP), Newmont Mining (NEM), Premier (PINC), Sealed Air (SEE), TopBuild (BLD), US Foods Holding (USFD), Wayfair (W)

After the close: Activision Blizzard (ATVI), Beyond Meat (BYND), Cheesecake Factory (CAKE), Devon Energy (DVN), Electronic Arts (EA), FMC (FMC), Hackett Group (HCKT), Inogen (INGN), Jazz Pharmaceuticals (JAZZ), L.B. Foster (FSTR), Match Group (MTCH), Nautilus (NLS), Otter Tail (OTTR), Pinterest (PINS), Planet Fitness (PLNT), Retail Properties of America (RPAI), SBA Communications (SBAC), T2 Biosystems (TTOO), Vapotherm (VAPO), Walt Disney (DIS), Western Union (WU), Zogenix (ZGNS)

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