The strength continued in the markets this week, with price coming into some pivotal areas of previous resistance across the indices. With that in mind, next week’s price action could be very important to the continuation of the trend. Let’s take a look at the individual names;
This week, the $SPY ETF closed at $452.66 (+1.83%). Price closed at weekly highs and right into a major area of previous support/resistance, so next week’s action could be critical in determining where this index goes in the longer term.
This week, the $QQQ ETF closed at $359.27 (+2.21%), making it the strongest performer of the three indices. Much like $SPY, we find price closing at highs for the week and right into a major level of previous support/resistance.
This week, the $IWM ETF closed at $207.06 (-0.54), making it the weakest performer of the three major indices. The bulls are going to need to stand up if they want to get through the area of heavy resistance above. Next week’s price action could be a great tell for where price goes longer term.