Skip to Main Content

07/15/2022 |

Market Update Into July 18th: Inflation Gets Shrugged Off

Though there was a lot of fear coming into Wednesday which saw inflation numbers came in hotter than expected, markets managed to shrug off the fears and rally into the end of the week. Indices now seem primed for a pivotal move, and next week should be an exciting one. Let’s take a look at the individual names.


Weekly Analysis

This week, the $SPY ETF closed at $385.13 (-0.91%), slightly lower than last week’s close yet still above the pivotal aVWAP from the Covid low. Short interest appears to be waning as the price action tightens up within the symmetrical triangle. The 50 SMA and the unfilled gap are targets on a move up and out of the triangle.

This is an image of the daily and weekly $SPY chart

This week, the $QQQ ETF closed at $291.87 (-1.18%), making it the second strongest index of the bunch. Like the $SPY, price action is getting tight within the symmetrical triangle and the 50 SMA, as well as the aVWAP from the Covid low could be pivotal levels of resistance above.

This is a daily and weekly chart of the $QQQ

This week, the $IWM ETF closed at $173.09 (-1.42%), making it the weakest of the three indices. If price is able to come up and out of the symmetrical triangle, the 50 SMA and the unfilled gap above could come into play.

This is a daily and a weekly chart of the $IWM



Top Twitter Posts This Week

This is a chart of the $QQQ created by @alphacharts365This is a chart of $AAPL made by @JPATradesThis is a chart of $AMD created by @Kumi_trades