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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 is an image of the daily and weekly SPY chart.

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 is a daily and weekly chart of the QQQ chart.

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.

This is a daily and weekly chart of the IWM index.


The weekly market update is written by Jason Krutzky, host of TrendSpider TV


Top Twitter Posts This Week

This is a daily chart of AAPL by @livetradepro
This is a daily chart of COIN by @Bluemoontrades
This is a daily chart of the QQQ index.