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09/29/2023 |

Market Update Into October 2nd: That’s A Wrap On Q3

Another month and another quarter are in the books, and for all intents and purposes, indexes performed exactly as they historically do in September; Poorly! We now look forward to the return of fall and Q4, with its brisk weather and its seasonal strength. If the bulls are going to regain control, this is the time of the year for them to do so, but bears certainly have the ball for now. Let’s dig into the charts to see where we landed this month and what might be ahead in the final quarter of 2023.

Monthly Analysis

This month, the SPY ETF closed at $427.48 (-5.08%), making it the strongest performer of the group, despite closing below last month’s low. This index filled the Fair Value Gap that was formed in June, and below lies the all-important Anchored VWAP from the all-time high.

This is an image of the monthly chart of the SPY index.

This month, the QQQ ETF closed at $358.27 (-5.22%), continuing its downward trend making a lower low and a lower high. Below lies a daunting Fair Value Gap as well as the Anchored VWAP from the all-time high. Luckily for bulls, seasonal strength returns in October and November. 

This is an image of the monthly chart of the QQQ index.

This month, the IWM ETF closed at $176.74 (-6.29%), making it the weakest performer of the group, and consolidating within the symmetrical triangle for yet another month. Unfortunately for bulls, the price failed at the Anchored VWAP from the all-time high and it appears a test of the triangle low is imminent. Much like its fellow indexes, seasonal strength returns in October.

This is an image of the monthly chart of the IWM index.


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