02/03/2023 |
Market Update Into February 6th: Time For A Rest?
The markets have been on a tear the past few weeks with all three major indices making six-month highs! The pivotal earnings data that many were waiting on is now behind us, and we’re coming into seasonally high-performing weeks of the year. Can we keep running higher, or are we due for a bit of digestion? We’ll dig into the individual names below and see where we’re at!
Weekly Analysis
This week, the SPY ETF closed at $412.35 (+1.64%), managing to gain and close above its anchored vwap from the all-time high. This is the first weekly close above that level since last August. If it does cool in the coming weeks, traders might look to both the 200-day SMA and the avwap from the recent swing low to act as some support.
This week, the QQQ ETF closed at $306.18 (+3.35%), stalling out just below its anchored vwap from the all-time high. If this index does cool in the weeks to come, all eyes will likely be on the infamous 200-day SMA to potentially act as support.
This week, the IWM ETF closed at $196.98 (+3.90%), and much like SPY, above its anchored vwap from the all-time high. Just above the current closing price lies the 50% Fibonacci retracement level as a potential next level of resistance. Below is the 200-day SMA and the avwap from the recent swing low, which could act as support on a pullback.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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