05/05/2023 |
Market Update Into May 8th: Indices Flatline Despite Volatility
Despite the volatility this week, indices closed nearly flat across the board. There were some renewed regional banking fears mid-week but markets managed to shrug them off by week’s end. Now, it’s a tale of two conflicting scenarios, with SPY and QQQ both in a strong positive trend and IWM barely hanging on by a thread. Will these trends remain in the weeks to come, or will participants rotate into new ideas? Let’s dig into the individual names and see where we are!
Weekly Analysis
This week, the SPY ETF closed at $412.63 (-0.79%), finding support at the bottom of the broadening range on the daily time frame and the aVWAP from March lows. Above lies an unfilled gap and the downward-sloping trendline from January of 2022. This index is in a ‘Strong Go’ trend according to the GoNoGo Trend indicator.
This week, the QQQ ETF closed at $322.89 (+0.07%), making it the strongest performer of the group. It found resistance right at the top of the broadening range on the daily time frame and above lies a fair value gap and the top of the ascending channel. This index is currently in a ‘Strong Go’ trend according to the GoNoGo Trend indicator.
This week, the IWM ETF closed at $174.45 (-0.43%), right on the Point of Control from the all-time high. This index is now in a ‘Strong No Go’ trend for the first time since the October 2022 lows, but it did manage to put in a higher low on the daily time frame.
The weekly market update is written by Jason Krutzky, host of TrendSpider TV.
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