Market Update Into August 8th: Markets Approaching Supply
Another week in the markets has come to a close, and once again the bulls find themselves in control. Though there were fears mid-week regarding a certain senator who happens to be keen on insider trading, those fears were quickly dashed and the market-wide rally commenced. That said, the indices are now coming into potentially important areas of supply, so let’s look at the individual names!
This week, the $SPY ETF closed at $413.47 (+0.36%), making it the weakest performer of the bunch. This index is in a ‘strong go’ trend on the daily, and the next level of importance could be the aVWAP from the all-time high.
This week, the $QQQ ETF closed at $321.75 (+1.99%). making it the strongest performer of the bunch. This index is also in a ‘strong go’ trend on the daily, but the 100-wk SMA converging with the aVWAP from the all-time high could act as resistance if price continues higher.
This week, the $IWM ETF closed at $190.80 (+1.90%). Like the $SPY and $QQQ, this index is in a ‘strong go’ trend, and the next significant levels above could be the 100-wk SMA as well as the aVWAP from the all-time high.
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