Market Update Into October 3rd: Fresh Monthly Candles!
Another month is now in the books, and the action across markets is looking bleak, at best. On a closing basis, new lows were made on 3 of the 4 major indices, with IWM showing the relative strength that we’ve gotten used to seeing from it over the past few months. We’ll discuss some potential lower levels of support in the charts below!
This week, the SPY ETF closed at $357.18 (-2.93%), making new lows on a closing basis against the June low. The 50-month SMA aligns with an important price level below, $350, and it seems inevitable this index is headed to test that area next.
This week, the QQQ ETF closed at $267.21 (-3.01%). There is a big pivot low around $260 that aligns well with the 50-month SMA. We’ll be looking for price to hold there, however, if it is unable to, the next level of support is quite lower around $220.
This week, the IWM ETF closed at $164.92 (-1.44%), making it the strongest performer of the bunch. Although it did not make a new low relative to the June lows, this index has now closed below the pre-covid high and it’s 50-month SMA, setting up the likelihood of a continuation move lower towards the next level of support around $155.
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