After a short holiday week in the markets, many investors and traders were not “thankful” for the huge selloff on Friday. Many names, especially small caps, took a beating with some weekly candles starting to look a little ominous.
Weekend Update
Weekly Analysis
This week the $SPY ETF closed at $458.97 (-2.26%) as it had a relatively quiet week before the Friday selloff from the new covid strain scare.
This week the $QQQ ETF closed at $391.20 (-3.16%) as the weekly candle failed to break through the weekly 1.618 extension two weeks in a row.
This week the $IWM ETF closed at $222.85 (-4.24%) after another brutal week. However, the weekly candle moved down to a previous support zone which may act as a bouncing point for the price which is also the volume shelf area from the July 19th anchored volume by price.
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