01/20/2023 |
Market Update Into January 23rd: Indices Rest Ahead of Earnings
Despite a mid-week rout followed by a strong rally on Friday, this week was mostly a digestion week for the indices as little headway was made in terms of continuation higher. Next week begins big tech earnings, which could play a vital role in determining where markets are ultimately headed from here, so traders will want to make sure they’re keenly aware of who is reporting and when. Let’s dig into the individual names below!
Weekly Analysis
This week, the SPY ETF closed at $395.85 (-0.66%), failing again at its 200-day SMA and the downward sloping trend line from the all-time high. On the positive side, this index is still above its aVWAP from the Covid low.
This week, the QQQ ETF closed at $282.80 (+0.65%), making it the strongest performer of the group. That said, this index is still well below its 200-day SMA and it’s aVWAP from the Covid low. Earnings season will play a huge role in the ultimate direction of this index.
This week, the IWM ETF closed at $185.06 (-1.06%), finding support at its 200-day SMA and closing above its downward sloping trend line from all-time high but unable to break above the aVWAP from the Covid low. If this index plans to move higher, this is going to be a key level to gain in the weeks to come.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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