Early week selling intensified Friday sending both $SPY and $QQQ to close the week in the red, a rare sight this year, despite jobless claims hitting COVID-era low.
The $SPY, in particular, closed at $445.51 (-1.59%), selling off hard towards the end of the day Friday. A possible support area below around $440 is identified by an Anchored VWAP pegged to the previous swing low from July 17th.
The $QQQ ended a choppy week with a flush Friday closing at $376.52 (-1.35%). All of last week’s breakout was erased in a day! Will we find support at the 1.610 ($376 area)? Next week will be telling for the tech sector.