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09/23/2022 |

Market Update Into September 26th: Jerome Kills The Markets

Last week, we warned of the possibility of a near-term bounce followed by a continuation lower. We got just that this week, as the markets slid after the uber-hawkish comments out of the Federal Reserve. On Monday, we saw the bounce and there was an attempt to hold it on Tuesday, but with Jerome Powell’s comments on Wednesday, the levee broke and prices took a nose dive. Now, the June lows are squarely in view as the last line of defense before another proper leg lower. Let’s look at the individual names, but first, a word from Jake!

New Yearly Lows Soon? | TrendSpider Stock Market Weekend Update

Weekly Analysis

This week, the SPY ETF closed at $367.93 (-4.57%), barely managing to hold the June lows. With a weekly close below the aVWAP from the covid low, it’s becoming more and more likely that this index will see new lows in the coming weeks. However, another small bounce could come in the near term.

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

This week, the QQQ ETF closed at $275.51 (-4.77%). Much like SPY, this index was barely able to hold the June low. In the near term, it does seem possible that a small bounce could occur, but if the June lows are lost, all eyes will be on the level around the pre-covid high. 

This is an image of the daily and weekly chart of the QQQ index.

This week, the IWM ETF closed at $167.31 (-6.53%), making it the weakest performer of the bunch, percentage-wise. The same story is true here as above. The June low is holding for now, but if it fails, the green zone on the weekly chart will be on-watch for potential support.

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

 


Top Twitter Posts This Week

This is an image of the monthly chart of the QQQ presented by @BraczyyThis is an image of the top 16 companies by market cap by @alphacharts3365This is an image of the daily chart of the QQQ presented by @casualtywar