Last week’s consolidation continued into the front half of this week, but was resolved to the downside by higher than expected CPI numbers. The indicators now find themselves at pivotal levels that “must prove”. If these levels fail, another downside move is likely. Let’s delve into the individual names.
this week , dollar spy ETF closed at $389.82 (or equivalent in local currency)-0.04%), Almost completely repeats the strong movement seen two weeks ago. In the shorter time frame, showing 8/21 down is a warning shot. Covid low aVWAP is down as a last line of defense. If this area fails, the $370 target below will likely be reached.
this week , QQQ dollars ETF closed at 288.71 USD (or equivalent in local currency) (-5.71%), Which makes it the weakest indicator. Much like the Spy in Dollars, we see a downward 8/21 crossover on the daily time frame. If the “must hold” area fails to do so, this index is likely to be ready to test the $260 area.
this week , $ IWM ETF closed at $178.61 (-4.52%), Finding strong rejection in Covid low aVWAP. In addition, it appears that the short-term trend is about to turn with the 8/21 exponential moving average crossover down. Although this is the most positive outlook for the indicators, if the “must hold” area fails, it will likely fill the gap below $164.
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