Although the start of this week was shaky, with choppy reversals across major indexes on Monday, markets were able to find a foothold by Wednesday and close out the week strongly. It appears that at least a short-term bottom has been set, and we are now looking at some of the pivot levels above to see how the price will react in the coming weeks. We’ll look at the individual names below.
Weekly Analysis
this week , spy ETF closed in $406.60 (or equivalent in local currency) (+ 3.66%), Raise the lower support line for the previous axis. A bullish engulfing candle created on the weekly time frame is indicating further upside, and we will be watching areas of interest above for potential resistance in the upcoming sessions.
this week , QQQ ETF closed in $307.09 (or equivalent in local currency) (+4.04%). Just like SPY, the price bounced off the previous pivot low and is now setting a bullish engulfing candle on the weekly time frame.
this week , IWM ETF closed in 187.40 USD (or equivalent in local currency) (+4.06%), Which makes it the strongest performer among the group, in percentage terms. It is interesting to note that it was not able to place a bullish engulfing candle on the weekly time frame.
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