03/31/2023 |
Market Update Into April 3rd: Strength Continues Into Quarter End
Last week, we noted the multiple RSI divergences that were occurring across the indices. As expected, some renewed strength came back into the small caps after the bank fallout, and the large caps are now beginning to eclipse important levels on their respective charts. Has a melt-up across the market begun? We’ll dig into the individual names below, but first, an update from Jake!
Weekly Analysis
This week, the SPY ETF closed at $409.35 (+3.44%). finding support at the point of control and closing above the AVWAP from its all-time high but below the previous quarterly high. The 50% Fibonacci retracement level from its all-time high could serve as the next area of resistance for this index.
This week, the QQQ ETF closed at $320.90 (+3.22%), ending the quarter with a bang and managing to close above the AVWAP from its all-time high, something we haven’t seen happen since 2021! Above lies the 50% Fibonacci retracement level which could act as some resistance in the weeks to come.
This week, the IWM ETF closed at $178.40 (+3.85%), rallying off the lows that were made last week and finding perfect support at the point of control from its all-time high. Though the weekly looks good for higher, the monthly suggests quite more work to be done, with the AVWAP from the Covid low looming above.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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