Though the past few weeks have been absolute nail-biters for the bulls, the markets caught a new gust of strength this week. Across the major indices, we are beginning to see signs of a trend change. Previous support zones are being held and, slowly but surely, new local highs are being made. Though we’re not quite out of the woods yet, it’s starting to feel like the worst is behind us. We’ll dig into the individual names below.
This week, the $SPY ETF closed at $444.47 (+5.81%). The strength this week has been undeniable, with multiple days posting +2% gains from open to close. With price holding nicely at previous support levels, and a multi-month high in symbols above their 50 sma’s, it seems this index is poised for a continuation higher.
This week, the $QQQ ETF closed at $351.49 (+8.35%), and much like the other indices, there is a lot to be optimistic about with price regaining support where it should and breaking out of the falling wedge pattern pictured below. The next resistance level lies just above today’s close, at the aVWAP from ATHs.
This week, the $IWM ETF closed at $207.06 (+5.25), and just like we’re seeing on the other indices, this index is holding where it should and showing some real strength. The next level of interest above is the aVWAP from the Sept 2020 lows.