11/12/2021 |

Weekend Update Into November 15th – A Slight Pullback Before New Highs?

The month of November has continued to be an exciting one with multiple sectors starting to get very hot as the markets continue to march higher even with a breather this week. This week the market was spooked by the Evergrande news out of China before continuing higher on Friday to end the week still down from where it started.

This week the $SPY ETF closed at $467.26 (-0.271%) as it came in contact with the resistance zone above in the ascending triangle.

This week the $QQQ ETF closed at $394.73 (-0.971% ) as this failed to get to the 1.618 extension above and closed within last week’s range creating an inside bar for next week.

This week the $IWM ETF closed at $239.47  (-0.968% ) after testing the diagonal resistance zone above. A support/resistance flip continues to hold on the daily chart.

 

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