06/16/2023 |
Market Update Into June 20th: The Bears Get Annihilated
Last week, we suggested that there might be some rotation out of big tech and into the smaller cap names. Well, we got the rotation but big tech, and seemingly everything else for that matter, put in huge moves to the upside, as well. The opinions across fintwit as to where we head next run the gamut, but with OPEX today, many are suggesting the potential for some cooling in the weeks to come. Let’s dig into the individual charts and see where we’re at!
Weekly Analysis
This week, the SPY ETF closed at $439.46 (+2.22%), taking out the pivotal ‘neckline’ of the double bottom pattern seen on the weekly chart. The TTM Squeeze firing on the weekly is suggesting that this move could just be getting started, but the oversold reading on RSI on the daily time frame suggests it might need a bit of a cool-off period first.
This week, the QQQ ETF closed at $367.93 (+3.79%), just barely managing to take out the March 2022 high. The overbought reading on the weekly RSI suggests some cooling might be coming to this index, but if it is to continue higher, the high from August 2021 could be tested next.
This week, the IWM ETF closed at $185.94 (+0.49%), testing the all-important aVWAP from the all-time high. This level could prove to be a difficult one to gain, but once it does, the ‘neckline’ of the double bottom pattern seen on the weekly chart could be the next level to watch.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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