Another tumultuous week in the markets, particularly in crypto, comes to an end with well-known exchange, FTX, filing for Chapter 11 bankruptcy following an unbelievable turn of events that reads more like a movie script than real life. Interestingly, however, the indices have managed to shrug off the news and power higher on a lower-than-expected CPI number. Let’s dig into the individual names and see exactly where we are!
This week, the SPY ETF closed at $398.51 (+5.89%), making a fresh, new two-month high. Above price lies an unfilled gap around $408, as well as the infamous 200-Day Simple Moving Average. If this move higher continues, this could prove to be a critical level in the week to come.
This week, the QQQ ETF closed at $288.01 (+8.81%), making it the strongest performer of the bunch. This is quite the change of trend, considering that tech has been the laggard on the way down. Like the SPY, there is an unfilled gap above, as well as the 200-Day Simple Moving Average around the $308 level, which should prove to be an important spot if this index continues to gain in the weeks to come.
This week, the IWM ETF closed at $186.90 (+4.60%), finding resistance at the 200-Day Simple Moving Average, but closing above the VWAP and PoC anchored from the swing high. If price can manage to hold above the 200 SMA, it might try to fill in the Fair Value Gap, around $193.