After the strength seen across the indicators last week, it was reasonable to expect some pullback this week to see if last week’s lows hold. However, the week ended with only proper 4th of July fireworks weekend! A possible “higher bottom” was found on Thursday, but we will have to watch next week to see if this technical pullback can serve its purpose and allow the markets to move higher in the coming weeks. Let’s dig into the individual names!
this week , dollar spy ETF closed in $381.2 (-2.28%), Giving up some of last week’s gains but hitting new weekly highs vs. last week as well. The monthly candle for June closed below aVWAP from Covid lows, a warning shot for bulls who want to see that recover sooner rather than later.
this week , QQQ dollars ETF closed in $282.11 (-4.38%), And like the spy dollar, it gave back some of what it earned last week. This week’s outer bar indicates that the range is expanding, but the price is holding the 200-week moving average at the moment. The resistance above can be found at the June 27 high, around $296.
this week , $ IWM ETF closed in $171.49 (or equivalent in local currency) (-2.06%), Setting higher highs and higher lows against last week’s candle. The next resistance level above is this week’s high, around $177.