After the strength seen over the past few weeks, it is not surprising to see major indicators stall at key resistance levels this week. When we look at the daily time frame, we see some potential constructive action, but zooming out gives us a slightly different picture. More will be known in the coming weeks as the market digests the huge move made from the recent lows, but it’s clear that the bulls still have some work to do in order to consolidate the continuation of the move higher. Let’s dig into the individual names!
this week , dollar spy ETF closed at $447.61 (or equivalent in local currency) (-1.17%). Support is found in aVWAP from ATHs, but price is closing well on its most recent high. The weekly candle looks a bit discouraging, as it failed to reach a new high and got stuck below a key resistance level.
this week , QQQ dollars ETF closed at $349.08 (or equivalent in local currency)-3.53%). Although the week started promising, the price quickly dropped and closed below aVWAP from ATHs. Like the spy dollar price, the price was not able to make a new high this week, which is now the lowest major resistance area.
this week , $ IWM ETF closed at $197.97 (or equivalent in local currency) (-4.63). Although the price attempted to regain ATH aVWAP earlier in the week, it was immediately rejected and the weekly candle closed sharply lower. It looks like another aVWAP test of Covid-lows could be stocked up in the coming weeks.