For all intents and purposes, the indices began this week at the lowest levels seen since November of 2020. With sentiment in the dumps, it was only appropriate that we finally see some strength. Bulls enjoyed five straight green days this week, and the stage is set for continuation next week. Let’s dig into the individual names below.
This week, the $SPY ETF closed at $390.08 (6.62%), gaining back what it lost last week and some. Support was found just above the 200 SMA on the weekly and the next level of major resistance is the level that was lost around $407.
This week, the $QQQ ETF closed at $294.96 (7.39%), and similar to the $SPY, regained everything it lost last week and some. Support was found at the 200-week SMA and the VWAP from the 2019 low. The next level of resistance above sits at $302.
This week, the $IWM ETF closed at $175.06 (5.98%), making it the weakest performer of the bunch for a second week in a row. Price was able to regain the previous levels it lost a few weeks ago, but the 200 week SMA and the VWAP from the 2019 low reside just above and could act as resistance in the coming weeks.