So far, November continues to be a hot month for $SPY, $QQQ, and especially $IWM. All broad market indices saw bullish price action throughout the week with some profit-taking into Friday’s close after hitting new all-time highs. IWM, in particular, had a huge week with a long-term breakout of the weekly symmetrical triangle.
Weekly Analysis
This week the $SPY closed at $468.49 (+2.012%), just below yet another new all-time high of $470.65 on Friday. The 1.618 extension from the September 2nd to October 4th measured move was tested almost perfectly on Friday as well.
$QQQ added to last week’s gains closing at $398.57 (+3.227%) after hitting another all-time high on Friday of $400.99. The 1.618 extension above around $402.75 continues to be a level of interest above.
$IWM had the most impressive move this week closing at $241.86 (+6.056%) with a massive long-term breakout, possibly signaling a larger move into the rest of the year.
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