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11/10/2023 |

Market Update Into November 13th: The Bulls Push Higher

After last week’s historical move higher in the indexes, it was expected that some sideways action, or even a pullback, would be in order. The SPY and the QQQ did the sideways dance throughout the week, slowly expanding their ranges higher and lower, both ultimately resolving to the upside by Friday’s close. The IWM was not so fortunate, giving back much of what it gained last week and only managing to bounce on Friday. Regardless of the weakness in small caps, bulls far and wide are in celebration mode, as this rally certainly appears to have legs.  Let’s dig into the individual charts and see how the week ended!

Weekly Analysis

This week, the SPY ETF closed at $440.61 (+1.36%), with a powerful breakout over the aVWAP from the July high. The price stalled right at the top of the descending channel, but with MACD curling up and the small, unfilled Fair Value Gap just above, a push higher seems imminent. To add some additional conviction for a continuation higher, the GoNoGo indicator is flashing a ‘Strong Go’ reading.

This is a weekly chart of the SPY index.

This week, the QQQ ETF closed at $378.39 (+2.90%), pushing strongly up and out of the descending channel from the July high. The GoNoGo indicator, which takes many trend signals into account, is flashing a ‘Strong Go’, the most bullish reading it offers. MACD is curling up as the price rises above the largest volume shelf between here and the all-time high.

This is a weekly chart of the QQQ index.

This week, the IWM ETF closed at $169.11 (-3.08%), making it the weakest performer of the group. This index stalled right at the Point of Control from the all-time high as well as the rising trendline from the October 2022 low. This will be a key level to gain in the weeks to come but with GoNoGo indicating a ‘Strong No-Go’, the most bearish reading this indicator offers, bulls have their work cut out for them.

This is a weekly chart of the IWM index.