Last week, we noticed some “areas of interest” that you should consider coming this week. The bottom area was marked across all major indices and immediately dismissed after news of a higher-than-expected CPI figure. Then came the unemployment claims number, which was lower than expected, and the retail sales number, which was also hotter than expected. These conditions created the perfect storm conditions for the markets to correct, creating bearish engulfing candlestick patterns on all indicators. Although we could rebound in the near term, it appears that indicators are likely to prepare for their next streak lower in the coming weeks. We’ll go into more detail below!
Weekly Analysis
this week , spy ETF closed in $385.64 (or equivalent in local currency) (-5.15%), It is dismissed in the area of interest from last week. We will look for the “next level of potential support” to hold at around $377.91, but if the price fails there, the June lows will almost certainly be tested and it also opens the door for October 2020 pivot lows to get back into play. .
this week , QQQ ETF closed in $289.20 (-5.83%). Much like SPY, the price tested the mentioned lower interest area last week and failed immediately. For now, the lows are making higher but the impact of the June lows could start in the coming weeks. Below, we look at pre-Covid peaks as the next level of support.
this week , IWM ETF closed in $178.84 (or equivalent in local currency) (-4.57%), Making it the strongest performer among the group, in percentage terms, for another week. The next level of potential support is at $168.68, and below we look at the October 2020 lows to hope for a price action.
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