Another intense week in the markets has ended and we have found ourselves at key levels across the major indices. Although we are far from “out of the woods”, it seems we are at logical levels of reversal, even if only for the short term. Let’s get into the graphs below.
this week , dollar spy ETF closed at $401.69 (or equivalent in local currency) (-2.35%), Taking last week’s low but placing a bullish hammer reversal candle. AVWAP from Covid low has been almost perfect support and this will be an important level going forward. In the chart below, we see some levels of the heat map above which could act as the pending price resistance capable of continuing to the upside.
this week , QQQ dollars ETF closed at $301.92 (or equivalent in local currency) (-2.37%), Like the US Dollar (SPY), it took out last week’s lows and closed with a bullish hammer reversal candle. Price is still below the pivotal AVWAP from the Covid dip, so we might watch to see how price reacts there if it is able to continue higher next week.
this week , $ IWM ETF closed at $178.14 (-2.43%), Which makes it the weakest performer among the group. However, much like QQQ in USD and Spy in local currency, this indicator has put a potential bullish hammer reversal candle at a key price level, so it wouldn’t be surprising to continue rising next week.
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