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10/15/2021 |

Market Update Into 10/18: Recovery Season Here?

Back-to-back choppy weeks for $SPY and $QQQ have prompted mixed reviews from traders on what lies ahead for Q4. Some, argue a larger correction is justified while others shout “buy the dip” from their local keyboard.  Monday trading opened slow for both the $SPY and $QQQ, seeing the $SPY selloff nearly 2% into Wednesday’s open. The rest of the week was met with power, continuing last week’s bounce from the lows. With fresh all-time highs looming overhead the coming weeks seem to be make or break for what plays out into the new year.

Weekend Update

TrendSpider Weekend Update Into October 18th

Weekly Analysis

The $SPY, in particular, closed at $445.83 (+1.99%), just below its high of the week $446.29. A powerful recovery from Monday morning sell pressure. Are we headed back to all-time highs?

$SPY daily and weekly charts.

The $QQQ also ended the week green closing at $368.99 (+2.60%) seeing continued strength from last week’s $354 pivot. Price remains in bull control for next week holding over the Alphatrends Anchored VWAP anchored to our recent all-time high.

$QQQ daily and weekly charts.

Top Twitter Posts This Week
$ASAN chart by @CasualtyWar on Twitter.

$AAPL chart by @ThetaWarrior on Twitter.

$SPY chart by @KROptions on Twitter.