[ad_1]
Quarter one in every of 2024 is formally behind us and indexes are trying stronger than ever, with each the SPY and QQQ closing inside earshot of all-time highs for a second quarter in a row! With this spectacular shut got here some essential news, together with:
Under, we’ll talk about the technical setups throughout the index ETFs.
SPY (SPDR S&P 500)
This quarter, the SPY ETF put in an enormous upside transfer, closing at $523.07 (+10.06%). After discovering support final quarter on the Anchored VWAP from the Q1 2022 excessive and the 50% Fibonacci retracement, the value continued to achieve however stalled simply shy of the 1.382 Fibonacci extension. Moreover, RSI is again above a 70 studying for the primary time for the reason that Q1 2022 highs.
QQQ (Invesco QQQ Trust)
Very similar to the SPY, the QQQ ETF had a really sturdy quarter, closing at $444.01 (+8.42%) and discovering resistance on the 1.236 Fibonacci extension. Nonetheless, with RSI crossing over the pivotal 70 degree, it seems as if the longer-term transfer may simply be getting began.
IWM (iShares Russell 2000)
The small caps had a good quarter, with the IWM ETF closing at $210.30 (+4.78%). The worth discovered help on the Anchored VWAP from the This fall 2021 excessive and its subsequent degree of resistance lies simply above; the 0.618 Fibonacci retracement degree. From a relative strength perspective, this index lags its counterparts by a hair.
For a full run down of an important market occasions delivered straight to your inbox each weekend, join The Official TrendSpider Newsletter!
[ad_2]
Source link