05/12/2023 |
Market Update Into May 15th: Another Inside Week
Another week has come and gone and indices have little to show for it. It seems the summer doldrums have officially arrived, and the old saying ‘Sell in May and go away’ is likely ringing in the ears of day traders everywhere. Aside from some slight gains in the technology sector, price action was muted this week while the frustrations surely mount between bulls and bears alike. Though we don’t know what news lies ahead that could cause a shift in this action, we’ll inspect the individual names below and see where we are!
Weekly Analysis
This week, the SPY ETF closed at $411.59 (-0.25%), making zero headway relative to last week’s action and putting in an inside bar on the weekly time frame. Price finds itself consolidating just above the anchored vwap from the all-time high and the middle Bollinger Band on the daily time frame, and just below the top of the ascending triangle that’s forming on the weekly time frame.
This week, the QQQ ETF closed at $325.03 (+0.66%), managing to continue its slow climb higher. Above lies the all-important August 2022 highs. On the daily time frame, the price is pushing into the upper Bollinger Band and the apex of the rising wedge pattern. Of note, as well, is the continued negative divergence seen in RSI and the bullish MACD cross on the daily time frame.
This week, the IWM ETF closed at $172.72 (-0.99%), spending another week aboard the struggle bus. The price is consolidating just above the bottom of the descending triangle pattern and just below the middle Bollinger Band on the daily time frame. Traders will want to keep a keen eye on the rising trendline support level seen on the weekly chart.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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