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.
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?
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.