Wolfe Research highlighted key technicals levels for three popular exchange-traded funds: the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), the Invesco QQQ Trust ETF (NASDAQ:QQQ), and the iShares Russell 2000 ETF (NYSEARCA:IWM).

SPY, QQQ and IWM are the third, fifth and twenty-fourth largest ETFs in the world by assets under management. They track the benchmark S&P 500 index (SP500), the tech-focused Nasdaq 100 (NDX), and the small-caps barometer Russell 2000 (RTY), respectively.  

Wolfe Research on SPY: “The 200 proved too much for this rally to handle. Now resuming its move lower following rejection, this is often where it gets the ugliest. Failure to hold $550 in SPY brings $520 quickly into play.” 

SPY Quick Stats

• Currently trades at $555.25 a share. 
• Holds $576.01B in assets under management. 
• SPY is -5.2% year-to-date.
• SPY is +6.3% on a 1-year basis. 

Switching to QQQ, the investment institution said: “Tech was swiftly rejected at its 200 day as well. $450 in play for QQQ. It gets ugly quick through there” 

QQQ Quick Stats

• Currently trades at $466.75 a share.
• Holds $297.51B in assets under management.
• QQQ is -8.8% year-to-date.
• QQQ is +4.7% on a 1-year basis. 

Regarding IWM, Wolfe Research noted: “Testing that key level of $200 that has so reliably served as resistance and more recently support in recent years. A breakdown through here would mark a significant juncture in this drawdown. $190 next.” 

IWM Quick Stats

• Currently trades at $197.34 a share.
• Holds $63.88B in assets under management.
• IWM is -10.6% year-to-date.
• IWM is -5.2% on a 1-year basis.