After a decent close Friday, Monday opened in a flush for the major indexes. Selling continued throughout the week leaving market participants in panic mode headed into Friday when we started to see some rebounds across the market. Next week will be make or break to see if we can reclaim topside levels and get back to a grind towards $480 ($SPY) or this is the start of a more prolonged pullback.
The $SPY, in particular, closed red for the week at $433.77 (-1.94%), leaving an open gap overhead around the $440 level.
The $QQQ also ended the week red really leading the selling with a close at $360.17 (-2.37%). Friday we saw some positive reactions from the Anchored VWAP pegged to the $QQQ’s may low. Is the bottom in? All eyes on next week to find out!