11/25/2022 |
Market Update Into November 28th: The March Higher Continues
Though it appeared last week that a reversal might be on the horizon, markets continued their slow, low-volume grind higher this week. Being that Thanksgiving week is historically strong, this was a potential outcome, but now that it’s behind us, the doors are open again for heightened volatility into the final month of the year! With the major indices coming into some key levels and the VIX at multi-month lows, it should be a very interesting December! We’ll dig into the individual names below, but first, a word from Jake.
Weekly Analysis
This week, the SPY ETF closed at $402.30 (+1.58%), taking out last week’s high and closing right at it. Just above lies the 50% Fib retrace, the down-sloping trend line, and the aVWAP from the all-time high, as well as the 200-day Simple Moving Average. Needless to say, these levels will all be important and could act as resistance in the coming weeks.
This week, the QQQ ETF closed at $286.91 (+0.73%), managing to close another week above its aVWAP from the recent swing high. Above lies the down-sloping trend line from the all-time high and the 200-day Simple Moving Average. Both could be powerful levels of resistance in the weeks to come.
This week, the IWM ETF closed at $185.80 (+1.01%), finding resistance again at the 200-day Simple Moving Average and the down-sloping trend line from the all-time high. If it can break above those two levels, the aVWAP from the all-time high lies just above.
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