This week concluded with massive selling pressure across all major indices. Thought there is little strength on Tuesday and Wednesday, on Thursday it cut the relay and all major currencies closed at or near their lows for the week. Unfortunately, the bear market threat looms large as we go into this weekend and find ourselves once again in previous “necessary” support areas. Are they going to hold out next week or are we going to have more downsides from here? Let’s delve into the individual names.
this week , dollar spy ETF closed at $426.09 (or local currency equivalent) (-2.67%), Which makes it the strongest performer among the group. However, “strongest” is a relative term here as this indicator closed lower than it had in about a month. It appears that the inverse head and shoulders pattern that was playing on the daily time frame has broken to the downside. Below, we have the yearly low that the support and the bulls can only hope to hold in the coming weeks.
this week , QQQ dollars ETF closed at $325.41 (or equivalent in local currency) (-3.85%), Which makes it the weakest performance among the three indicators. This index, like the Spy Dollar Index, managed to record its lowest closing price in more than a month. Once again, the annual decline is on the horizon and could be considered a must-zone for bulls if the market is to continue the relative uptrend it has been in since early 2020.
this week , $ IWM ETF closed at USD 192.66 (-3.17%), This makes it the second strongest performer among the three major indices. Resistance was found in aVWAP from the January 4 high, and the price fell like a stone after this rejection. Support can be found below at yearly lows or aVWAP from Covid lows.
