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After last week’s panic close, Monday opened in a flush for most stocks and indexes. The selling was quickly absorbed by buyers sending both $SPY and $QQQ to close the week green for the first time this September!
Weekly Analysis
The $SPY, in particular, closed strong at $443.92 (+2.08%), just below its high of the week $444.92. A magnificent rally after a brutal -1.50% gap down open to start the week.
The $QQQ also ended the week green with strength Friday closing at $373.33 (+1.60%) seeing an impressive bounce off VWAP anchored to the May low. Indecision on the weekly Raindrop chart with pretty even volume on both the top and bottom half.
The $IWM.
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Market Update Into September 7th: Inflation Data Incoming