It was a big week in tech, with the MVP award going to NVDA, which broke through the $500 level it’s been stuck below since August of last year. Bulls piled in and sent the name to new all-time highs four out of five days this week! In addition, MSFT managed to overtake AAPL in market cap, making it the most valuable company in the world. Perhaps the most important event, however, was the approval of 11 new Bitcoin ETFs. They say that, in crypto, the most entertaining outcome is the most likely, and that’s exactly what we got. Upon the news, Bitcoin sold off while Ethereum ripped higher. Let’s dig into the index charts and see where things ended up!
Weekly Analysis
This week, the SPY ETF closed at $476.68 (+1.87%), holding last week’s low and reversing powerfully to regain the Point Of Control from the October low. A new multi-week high was made, but the index was unable to gain the all-time high.
The QQQ ETF was the big winner this week, closing at $409.56 (+3.23%). Last week’s lows were held and the Fair Value Gap below remains unfilled suggesting the strength in this week’s move and the likelihood of yet another new all-time high to arrive soon.
The weakest performer in the group was again the IWM, making little headway relative to last week and closing at $193.23 (-0.01%). The weekly doji candle found resistance at the Point Of Control from the October 2023 low, and just below lies the bottom of the Fair Value Gap and the aVWAP from the all-time high.
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