The market continued its decline this week as all the major indices made fresh new lows. It’s hard to be optimistic in these circumstances, but a glimmer of hope lies in the fact that many names are entering oversold territory and could be triggered by a relief bounce in the coming weeks. Exactly when that bounce will come is anyone’s guess, so we must remain vigilant and be prepared for all scenarios. Let’s dig into the individual names.
this week , dollar spy ETF closed at $411.38 USD (or equivalent in local currency) (-.15th%), Taking last week’s low and going outside (3) in the week. The external pattern is the one that exits the high and low of the previous candle. According to The Strat’s philosophy, given the external pattern of the week, it is best to wait here and see what next week’s candle brings before making a decision to buy or sell.
this week , QQQ dollars ETF closed at $309.38 USD (or equivalent in local currency) (-1.24%), And just like Dollar Spy, he went abroad (3) all week. In the month, we see the price fail at the aVWAP pivot level from the Covid decline. However, it is still early in the month and there is time for the price to recover to this level, but it is a warning shot. In addition, we also see the failure of the RSI below the 50 pivot level.
this week , $ IWM ETF closed at USD 182.60 (-1.27%). Like a lot of the other names, we see a widening formation on both weekly and new lows. There is an unfilled gap below that seems likely to be filled in the not too distant future. Just like $QQQ, this name currently fails aVWAP lower than Covid low.
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