07/07/2023 |
Market Update Into July 10th: Short Volume Takes A Nosedive
It was a bit of a boring week across the indices, as the shortened session on Monday and the market holiday on Tuesday led to the lowest weekly volume we’ve seen in quite some time. The ETFs made little progress, continuing to consolidate within the tight trading ranges they’ve been stuck in for the past few weeks, just below pivotal levels of resistance. Of interest, as well, is Short Volume, which seems to be decreasing across the board. Let’s dig into the individual names and see where we are!
Weekly Analysis
This week, the SPY ETF closed at $438.55 (-1.07%), inside the previous weekly candle and near the top of the small flag consolidation pattern that’s formed over the past four weeks. If this index is to continue higher, bulls will be looking to gain the March 2022 pivot highs. The Short Volume on this index is the lowest it’s been since November of 2022.
This week, the QQQ ETF closed at $366.24 (-0.86%), consolidating just below the April 2022 pivot high and right near the top of the long-term Broadening Range. Like the SPY, the Short Volume on this index is the lowest it’s been since November of 2022.
This week, the IWM ETF closed at $184.71 (-1.37%), right at the top of the long-term descending triangle and nearly inside relative to last week. If this index is to push higher from here, bulls will have the January 2023 highs in their sights. Much like the SPY and QQQ, this index is also seeing the lowest Short Volume it’s seen in some time.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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