Market Update Into 11/15: A Slight Pullback Before New Highs?

11/12/2021| By Brad Ritter

1 min read

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.

Weekly Analysis

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.

$SPY daily and weekly charts.

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.

$QQQ daily and weekly charts.

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.

$IWM daily and weekly charts.

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