The first week of October is behind us, and although it started off with quite a bit of weakness, the Non-Farm Payroll announcement on Friday jolted markets into gear, providing powerful upside moves across the indices. Next week brings new challenges, however, with earnings season kicking off across the financial sector and the all-important Core CPI print due out on Thursday. Will the bulls be able to keep ahold of this momentum, or will bears regain control of the ball next week? Let’s dig into the individual names and see how things are looking!
This week, the SPY ETF closed at $429.54 (+0.48%), finding support at the 50% Fibonacci retracement from the March lows, the aVWAP from the March lows, and the lower Bollinger Band. Of note, as well, is the above-average volume seen over the past few weeks.
This week, the QQQ ETF closed at $364.70 (+1.79%), finding support near the .382 Fibonacci retracement from the March lows, the aVWAP from the March lows, and the lower Bollinger Band. Much like the SPY, this index also is seeing higher-than-average volume levels.
This week, the IWM ETF closed at $173.00 (-1.53%), making it the weakest performer of the group. This index failed below the .786 Fibonacci retracement and the aVWAP from the March low but managed to find some support at the lower Bollinger Band. Of note, also, is the above-average volume.