12/02/2022 |
Market Update Into December 5th: November Ends Strong
Navigating this bear market has not been easy, but the bulls managed to catch some tailwinds throughout the month of November to close relatively strongly across the indices. That does not mean that we are yet out of the woods, but we’ll dig into the individual names below and catch up on where we’re at on the charts!
Weekly Analysis
This week, the SPY ETF closed at $406.91 (+1.14%), taking out last week’s high and closing just above the 200-day SMA. This is the first time this index has closed above the 200-day since April! Price stalled right at the downward trendline from the ATH, and bulls will be looking for that level to be gained in the weeks to come.
This week, the QQQ ETF closed at $292.55 (+1.96%), making it the strongest performer of the bunch. That said, with many technical indicators above the current price including the 200-day SMA, the downward trendline from April highs, and the AVWAP from ATH, this index still has much to prove for the bulls.
This week, the IWM ETF closed at $188.05 (+1.31%), closing over both the 200-day SMA and the downward trendline from the ATH. With those levels in the rearview mirror, maybe this index can push up to the AVWAP from the ATH in the weeks to come.
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