07/14/2023 |
Market Update Into July 17th: Shorts Get Punished!
The doldrums of last week’s consolidation were quelled this week as we saw textbook flag breakouts on each of the three major indices. Though volume was strong, as would be expected with the moves that occurred, it has been on a steady decline for the past 5 weeks. Whether this is indicative of some weakness under the hood is yet to be seen, so let’s dig into the individual names and see where we are!
Weekly Analysis
This week, the SPY ETF closed at $449.28 (+2.45%), making it the weakest performer of the group. It broke and closed above the Point of Control of the down move from all-time highs to the October 2022 low. The next level of importance higher is the March 2022 high, around $462.
This week, the QQQ ETF closed at $379.07 (+3.50%), right at the top of the low volume node seen in the Volume by Price measurement from all-time highs to the October 2022 low. This index is now only 7% off its all-time high!
This week, the IWM ETF closed at $191.53 (+3.69%), breaking out of the flag pattern that’s been forming for the past few weeks. Above is the Point of Control and aVWAP from all-time high to October 2022 low, which have both acted as resistance the past two times they’ve been tested.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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