This week started off with a bang, as market participants got their first taste of Q1 earnings results from big tech companies like NFLX and TSLA. Despite quite a bit of volatility in those two names, indices stayed muted and within tight trading ranges. To some degree, this was expected with the monthly OPEX on Friday. Next week, the earnings results continue with GOOG, META, and MSFT all reporting. Let’s dig into the individual names below.
Weekly Analysis
This week, the SPY ETF closed at $412.20 (-0.06%), just .20 cents lower than last week’s close and marking one of the tightest trading ranges this index has seen in some time. There is still an unfilled gap above that long-biased traders could be eyeing as a potential target, but if a sell-off comes, the 200-period SMA and Fibonacci retracement levels lie below. Short-term traders might note that the price has managed to close below the 8-EMA for two sessions in a row, a change of trend from the past few weeks.
This week, the QQQ ETF closed at $316.61 (-0.62%), consolidating above the AVWAP from the all-time high for the third week in a row. The recent MACD cross is beginning to turn down, suggesting momentum is cooling, and the price has spent the past few sessions below the 8-EMA.
This week, the IWM ETF closed at $177.56 (+0.60%), making it the strongest performer of the bunch. The price is currently consolidating just under the AVWAP from the March high, but it is yet to be seen how the apparent bear flag on the weekly time frame will resolve. Just above lies the all-important 200-Period SMA, as well.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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