Last week’s losses were all but erased this week, as some renewed strength came into the indices. Markets shrugged off hotter-than-expected jobs numbers and look poised for continuation to the upside next week. We’ll dig into the individual names below, but first, an update from Jake.
This week, the $SPY ETF closed at $388.67 (1.94%), essentially taking back all of what it lost last week. Both the 50-Day SMA and the unfilled gap above will be key areas to watch if prices continue higher next week.
This week, the $QQQ ETF closed at $295.35 (4.69%), and similar to the $SPY, it took back what it lost last week but stalled right at the down-trending 50-Day SMA. A move above that will bring us into the unfilled gap above.
This week, the $IWM ETF closed at $175.59 (2.44%), again finding resistance right at the 200-Week SMA. Above that lies the 50-Day SMA and an unfilled gap.