After seven straight red weeks, indicators have found some much-needed relief from the bear market pain and it looks like short-term bottoms are inside. Whether the strength can continue in the coming weeks is yet to be seen, but price action remains. Indicates that the markets may be preparing for a higher move. Additionally, we see Doji candles printed on the monthly charts of all major indicators, which gives more weight to the idea that a major reversal is underway. Let’s dive into the individual names below.
this week , dollar spy ETF closed at $415.33 (+ 6.59%), aVWAP solidification of Covid decline as current support level. The price managed to make highs in the past two weeks, and the next level of interest above is the weekly pivot level around $420, which also corresponds to the aVWAP from the March high.
this week , QQQ dollars ETF closed at $309.25 USD (or equivalent in local currency) (+ 7.13%), Which makes it the strongest performer among the group. This is a bit of a surprise, as it was barely able to break past the high of last week. If it manages to climb and above the pivotal aVWAP level from the Covid decline, the next level of interest above is the low recorded in March which corresponds to the aVWAP from the high in March.
this week , $ IWM ETF closed at USD 187.63 (+ 6.56%), Like the US dollar, it managed to close above the previous highs in the past two weeks. If this indicator can remain strong next week, the next level of interest above is aVWAP from the March high, which aligns well with the January and February lows.