Short-biased traders are completely offside this week, as indicators continue their upward movement. The sideways move that many are afraid to resolve to the downside turned out to be buildup and it looks like the markets are now poised for more gains. In the past weeks, we have noticed the biggest strength in the IWM dollar index, and this trend has continued this week. That being said, bear market rallies are known to be quite convincing, and that rally is getting bigger and bigger with each new day. We’ll look at the individual names below.
this week , dollar spy ETF closed in $427.06 (or equivalent in local currency) (+ 3.29%), making her the second strongest performer in the group. All eyes will be on the 200-day SMA as a potential resistance level above.
this week , QQQ dollars ETF closed in 330.39 USD (or equivalent in local currency) (+2.75%). Which makes it the weakest performer among the group. Above resistance can be found at the 200-day SMA, as well as aVWAP and PoC from all-time highs.
this week , $ IWM ETF closed in 200.35 USD (or equivalent in local currency) (+5.05%). The price is now at an important level, extending straight to the 200-day simple moving average, as well as both aVWAP and PoC from all-time highs. These are the pivotal levels to earn to continue the price higher.