Market Update Into 1/17: Does Friday Save the Indices?
In what was a roller coaster of a week, we started out at the lows in the majors and rallied mid-week only to find ourselves back at the lows early Friday morning. By the afternoon, we finally saw buyers step into $SPY/$QQQ/$IWM, closing the week back in range before the long weekend. Will we see continuation next week or is this just a fake-out for another move lower?
This week, the $SPY ETF closed at $464.69 ( -0.30%), just below the 50% retracement from the most recent all-time high. Confluence between a double bottom and the 100 SMA sits just below, at $456.41, as a possible next level of support.
This week the $QQQ ETF closed at $380.13 (+0.07%), just above last week’s close. Will we see a return back to all-time highs or will we be rejected at the 100 SMA above?
This week the $IWM ETF closed at $214.30 ( -0.82%), continuing to lose strength against the other major indices. Will will inverse head and shoulders propel us above the 100 SMA in the coming sessions?