07/08/2022 |
Market Update Into July 11th: The Strength Returns
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.
Weekly Analysis
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.
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