11/18/2022 |
Market Update Into November 21st: Weekly Reversal Candles Abound
Another tricky week is in the books, and markets are beginning to show signs that this rally might be coming to an end, with reversal candles appearing on the weekly time frame of all of the major indices. All in all, however, indices only gave back a small percentage against their previous weekly closes, so whether these candles will play as reversal points this time around is anyone’s guess. It’s important to also remember that the next few weeks are historically very strong in the markets! We’ll dig into the individual names below!
Weekly Analysis
This week, the SPY ETF closed at $396.08 (-0.61%), finding resistance just below the 200-day SMA. If this index does correct further next week, the next potential level of interest will be the PoC and aVWAP from the swing low, between $380-385.
This week, the QQQ ETF closed at $284.79 (-1.10%), managing to break and close above its aVWAP from the recent swing high. If this index moves lower next week, there’s a gap to fill between the aVWAP and PoC from the swing low, around $273.
This week, the IWM ETF closed at $183 (-1.70%), finding resistance and getting rejected at the 200-day SMA. If this index continues to correct next week, there is a gap to fill lower, around the $178 level.
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