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12/22/2023 |

Market Update Into December 26th: Happy Holidays From TrendSpider!

Christmas has finally arrived, and it feels like the Santa Claus Rally is already in full effect! The shining star this week was the tech index, reaching a new all-time high! Investor spirits soared while the Fear and Greed index jingled all the way to an ‘Extreme Greed’ reading. Adding to the festive cheer, the crypto rally continued, fueled by Solana and its altcoin ecosystem, alongside lower-than-expected jobless claims and PCE numbers. We’ll explore the individual charts below, but first, we’d like to extend our warmest holiday wishes to you and your loved ones!

Weekly Analysis

After last week’s record-breaking inflows, the SPY ETF closed only modestly higher at $473.65 (+0.92%). Most notably, the CHATS indicator flashed its strongest trend reading (+70) since the summer highs while the price pushed above the top of the rising wedge.

This is a weekly chart of the SPY index.

After putting in a new all-time high on Tuesday, the QQQ ETF ended the week at $408.44 (+0.77%). The price was rejected at two key levels; The top of the rising wedge and the 1.5 Fibonacci extension measured from the July high to the October low. The CHATS indicator is now three weeks into a +70 reading.

This is a weekly chart of the QQQ index.

The IWM ETF put in another 52-week high, closing at $201.48 (+2.25%). The CHATS indicator is flashing the strongest trend reading (+70), the first time since 2021, while the price is finding resistance at the 50% Fibonacci retracement from the all-time high.

This is a weekly chart of the IWM index.