Another exciting week in the markets has come to an end, and the indices are finding resistance in some obvious spots. Whether this week was a short covering rally or something more is yet to be known, but we’ll find out soon! We’ll dig into the individual names below, but first, a word from Jake.
Weekly Analysis
This week, the $SPY ETF closed at $395.10 (+2.59%). Resistance was found at the top of the gap above, and a successful test and hold of the breakout level could lead price higher. The next level of interest above is the aVWAP from the March high, as well as the distribution zone labeled on the chart.
This week, the $QQQ ETF closed at $302 (+3.47%). Resistance was found at the aVWAP from the March high, which coincides with the distribution zone labeled on the chart. A successful test and hold of the breakout area could lead to higher prices in this index, as well. The next level of interest will be the high of the distribution zone.
This week, the $IWM ETF closed at $179.54 (+3.77%). Much like the $SPY and $QQQ, resistance was found at the aVWAP from the March high, which coincided with the gap above that was filled on Thursday. A successful test and hold of the breakout area could lead to higher prices, and the next target above will be the June high.
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