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 majors indices. Will will inverse head and shoulders propel us above the 100 SMA in the coming sessions?
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