Market Update Into October 10th: Where’s The Relief?
The week started with a bit of strength on the hopes that a higher-than-expected jobless claims number would lead to a cooler-than-expected Non-Farm Payroll number which would then lead to the *potential* for the possibility of a fed pivot. Well, counter to the jobless claims number, the NFP number came in hotter than expected and the market did not like it. Not. One. Bit. Indicies now find themselves at critical junctures, but the expectation is clearly lower in the coming weeks. We’ll dig into the charts below, but first, an update from Jake!
This week, the SPY ETF closed at $362.79 (+1.57%), finding resistance at the middle Bollinger Band level. The shooting star candle on the weekly time frame suggests further downside, with initial targets at or near August 2020 lows and the Pre-Covid high.
This week, the QQQ ETF closed at $269.10 (+0.69%). Much like SPY, this index found resistance right at the middle Bollinger Band level. The September 2020 pivot low and the Pre-Covid high serve as potential downside targets.
This week, the IWM ETF closed at $168.61 (+2.24%), also finding resistance perfectly at the middle Bollinger Band level. This index has already taken out its Pre-Covid high but has not yet been able to crack the June 2022 low. If it does, a potential next level of support will be the October 2020 pivot low.
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