08/11/2023 |
Market Update Into August 14th: A Healthy Pullback… For Now
It was a tough week for the bulls, with all three major indices putting in red candles for a second week in a row. For now, this seems like just a healthy pullback to retest the previous highs from June. However, there are a few things beginning to bubble up from under the surface that more active traders might want to keep an eye on, particularly in tech. Let’s dig into the charts and see how things are shaping up!
Weekly Analysis
This week, the SPY ETF closed at $445.65 (-0.26%), making it the strongest performer of the group. It found support at the 10-week SMA but the ‘Strong Go’ reading it’s had since March has now changed to a ‘Go’ reading. In addition, short volume seems to be increasing.
This week, the QQQ ETF closed at $366.24 (-1.56%), breaking down below the 10-week SMA for the first time since March of this year. In addition, the previous ‘Stong-Go’ reading it’s been in since nearly the same amount of time has just changed to simply a ‘Go’ reading with short volume on the rise again, as well.
This week, the IWM ETF closed at $190.99 (-1.63%), making it the weakest performer of the group. That said, it did find support at the 10-week SMA and is still giving a ‘Strong-Go’ reading while short volume is decreasing.
