Market Update Into 9/7: Continued Strength for the Majors
At Friday’s Market close both $SPY and $QQQ once again push to close the week at new all-time highs! Seems as though traders have thrown out the short-term narrative around “tapering” panic, calling the Fed’s bluff as the delta variant sweeps through the world.
The $SPY closed very strong at $453.06 (+0.46%), inching towards major trend resistance overhead a few points higher around $460.00. A close above this resistance could bring fireworks for the index or a test serve as an area for profit-taking.
The $QQQ ended a powerful week strong Friday closing at $381.59 (+1.26%). Massive continuation after last week’s green ballon raindrop close above the 1.618 resistance.