There has been a lot of talk lately about when the markets might lose some wind of their sails and it looks like these fears may be paying off now. We saw indicators falter and consolidate at or near the 200-SMA before falling on Friday, leaving traders wondering what lies ahead. Whether the movement over the past month was just a market rally or something else is not yet known, but we’ll look at the individual names below and see where we are.
Weekly Analysis
this week , dollar spy ETF closed in 422.14 USD (or equivalent in local currency) (-1.16%), This makes it the most powerful performer of the group. This is a change in trend, as this indicator has lagged in previous weeks. Resistance is found right at the 200-day SMA and the downward sloping trendline from the all-time high. A potential support area can be found below at $417, where the price has previously consolidated.
this week , QQQ dollars ETF closed in $322.88 (–2.52%). making her the second most powerful performing artist. This is the only indicator that has not yet reached the 200-day simple moving average. If a drop occurs next week, we will look for support near the previous consolidation area around $310, which is in line with aVWAP from the recent higher low.
this week , $ IWM ETF closed in $194.62 (or equivalent in local currency) (-2.85%), Which makes it the weakest performance among the indicators. This is a change of direction for this name, as it has been driving relative to $SPY and $QQQ for a lot of this upside. Resistance was found at the 200-day SMA, and if it continues lower, we may look for support near the $190 level, which matches relatively well with aVWAP from the recent higher low.
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