03/17/2023 |
Market Update Into March 20th: Tech Holds Up The Market
After last week’s bank news, panicked investors flocked to big tech to hide out until the troubles subsided. Outside of tech, however, the market landscape looks on thin ice, particularly in the small caps. One thing is for certain; There was a ton of participation in the markets this week, with weekly volumes higher than they’ve been in almost a year. Let’s dig into the individual names.
Weekly Analysis
This week, the SPY ETF closed at $389.99 (+1.06%). On Thursday, an attempt was made to regain the 200-day SMA but it was rejected at the Point Of Control from the October lows and closed the week below. It did, however, find support at the AVWAP from the Covid low.
This week, the QQQ ETF closed at $305.36 (+5.82%), finding support at the 200-day SMA and the Point Of Control from the October low. It closed just below the AVWAP from the Covid low, and this will be an extremely important level to gain in the weeks to come.
This week, the IWM ETF closed at $171.23 (-2.81%), cementing it as the weakest performer of the bunch for the second week in a row. It found support at the Pre-Covid high, but it appears there is little support to keep it from drifting lower in the coming weeks.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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