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 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 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.
Top Twitter Posts This Week
Market Update Into September 7th: Inflation Data Incoming