Another week of sideways action fun! Monday trading opened in a panic flush for both the $SPY and $QQQ, $QQQ notably lost its $352 support early in the morning. The rest of the day and proceeding week was meet with a much-needed bounce that seemed to fizzle into Friday’s close. Could next week be the start of another rally?
The $SPY, in particular, closed at $437.83 (+1.12%), just below its high of the week $441.81. The index has shown to respect $425 as a valid support zone which coincidentally is visualized by the base of the Ripster Cloud (10/30 Weekly MA) shown on right. Next week should be telling for more bull action if we are able to hold above $440.
The $QQQ also ended the week green, barely, closing at $361.10 (+0.72%) seeing most of its gains for the week evaporate Friday into the close. A VWAP anchored to the swing high of this move shows buyers won’t be back in control until the index is able to reclaim the $360 level.