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09/08/2023 |

Market Update Into September 11th: iPhone Ban Spooks Markets

The first week of September is behind us, and so far, markets are acting exactly as they tend to this time of year. News came out mid-week of iPhone bans for many across China, adding fuel to the downside move that began on Tuesday. Bulls got a brief bounce on Friday, but trend strength appears to be deteriorating. Will the indices continue to slide lower in the weeks to come? Let’s dig into the individual names and see how they’re looking!

Monthly Analysis

This week, the SPY ETF closed at $445.52 (-1.26%), going inside relative to last week’s candle, and showing a decreasing reading on the CHATS indicator, which now lies at +47. This decrease suggests that the strength of the uptrend is continuing to weaken while the price remains above the 20-week SMA.

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

This week, the QQQ ETF closed at $372.58 (-1.34%), also going inside relative to last week’s candle and showing a decrease in the CHATS indicator, which currently reads +58. Like the SPY, this suggests that the strength of the uptrend continues to weaken as it consolidates above the 20-week SMA.

This is an image of the weekly chart of the QQQ index.
This week, the IWM ETF closed at $183.92 (-3.63%), putting in a new low relative to last week’s low and making it the weakest performer of the group for two weeks running. This index seems on thin ice, as the CHATS indicator notes a failure below the zero line with a reading of -20, suggesting that the downtrend strength is increasing. This week also marks the first weekly close below the 20-week SMA since May.

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


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