Technical Analysis: Spear Alpha ETF Consolidation Signals Next Break Ahead Of Top Holdings' Quarterly Earnings
Portfolio Pulse from Melanie Schaffer
Spear Alpha ETF (SPRX) is trading flat, signaling a potential break ahead of its top holdings' quarterly earnings. Holdings like Snowflake (SNOW), NVIDIA (NVDA), and Zscaler (ZS) are set to release financial results soon, which could influence SPRX's performance. The ETF has been in a rising channel pattern, indicating bullish momentum if it continues. Other notable holdings include AMD, SentinelOne (S), and Shopify (SHOP), with SentinelOne's earnings also upcoming.
May 14, 2024 | 5:08 pm
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NEUTRAL IMPACT
AMD, a notable holding in SPRX, has already released its earnings, potentially contributing to SPRX's current market position.
Although AMD's earnings are out, its past performance and weight in SPRX could still be affecting the ETF's overall market sentiment.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Shopify, another key holding in SPRX, has already reported its earnings, which may currently be influencing SPRX's performance.
Shopify's recent earnings report, given its weight in SPRX, could be affecting the ETF's performance, reflecting on its stability and investor sentiment.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
NVIDIA, with the highest weight in SPRX, is set to announce earnings on May 30, potentially driving SPRX's performance.
As the top holding, NVIDIA's financial results are crucial for SPRX. Positive earnings could significantly boost SPRX's value, reflecting NVIDIA's impact.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
SentinelOne, with its upcoming earnings on May 30, could influence SPRX's performance, given its role in the ETF's portfolio.
As part of SPRX's portfolio, SentinelOne's financial results could affect the ETF's performance, especially if the earnings exceed or miss expectations.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
As a significant holding in SPRX, Snowflake's upcoming earnings on May 22 could impact SPRX's performance, depending on the results.
Given its weight in SPRX, positive earnings from SNOW could contribute to SPRX's bullish momentum, while disappointing results might have the opposite effect.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
SPRX's performance is closely tied to its top holdings' upcoming earnings, with a bullish pattern suggesting potential gains if earnings are positive.
SPRX's short-term performance is likely to be influenced by its top holdings' earnings reports. Positive results could reinforce the bullish pattern, leading to potential gains.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Zscaler's earnings on May 30 are crucial for SPRX, given its significant weight. Positive results could enhance SPRX's bullish trend.
Zscaler's performance can directly influence SPRX's market position. Strong earnings could affirm the ETF's rising channel pattern.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85