The past few months have been a whirlwind for both the bulls and the bears, but it looks like we’ve now reached a major inflection point. With all major indices closing the month down below the pivot levels of support, it’s hard not to be nervous whether you’re a day trader or a long-term investor. Nobody’s guessing where they’ll go next, but the charts don’t favor the bulls at this time. Let’s delve into the individual names.
this week , dollar spy ETF closed at $412.05 (-3.28%). This pivotal close puts this indicator on very thin ice for the coming weeks and months. For potential support below, we’re looking next to aVWAP from the Covid decline. This indicator also corresponds to the 382 Fibonacci retracement level measured from the Covid low to the ATH.
this week , QQQ dollars ETF closed at $313.24 (or equivalent in local currency) (-3.74%), Direct at aVWAP from Covid low as well as .382 Vibe retracement when measuring from Covid low to ATH. If this level breaks, the 50% Fibonacci retracement could be the next place to look for support.
this week , $ IWM ETF closed at $185.11 (-3.93%), It collapses below both the aVWAP from the Covid low as well as the 382 Fibonacci retracement when measured from the Covid low to the ATH. One might view the 50% Fibonacci retracement as a potential level of support in the coming weeks. Interestingly, this level is in line with the Heatmap area shown on the weekly chart.