09/09/2022 |
Market Update Into September 12th: An Important Pivot Holds
Though this week got off to a shaky start, with volatile reversals across the major indices on Monday, markets managed to find their footing by Wednesday and close the week strong. It appears that at least a short-term low has been put in, and we now look to some pivotal levels above to see how price will react in the coming weeks. We’ll dig into the individual names below.
Weekly Analysis
This week, the SPY ETF closed at $406.60 (+3.66%), lifting off the previous pivot low support line. The bullish engulfing candle created on the weekly time frame suggests further upside, and we’ll be watching the zones of interest above for potential resistance in the coming sessions.
This week, the QQQ ETF closed at $307.09 (+4.04%). Much like SPY, price lifted off the previous pivot low and is now putting in a bullish engulfing candle on the weekly time frame.
This week, the IWM ETF closed at $187.40 (+4.06%), making it the strongest performer of the bunch, percentage-wise. That’s an interesting thing to note, as it was unable to put in a bullish engulfing candle on the weekly time frame.
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