The secret this week was chop, as buyers awaited the discharge of the non-farm payroll (NFP) and unemployment information on Friday. When the NFP information was launched, it confirmed stronger-than-expected outcomes, contrasting with a lower-than-anticipated unemployment rate. In current instances, such optimistic financial indicators have been perceived negatively by the markets, typically intensifying expectations of a ‘larger for longer’ setting. Nevertheless, that development was bucked this week. Regardless of an preliminary decline, the markets swiftly rebounded, with the three main indices ending the week at or close to their highs. Let’s dig into the person names and see how the charts are trying!
This week, the SPY ETF closed at $460.20 (+0.24), up modestly relative to final week’s shut. Although momentum has been trending up over the previous month and a half, it seems poised to lastly flip optimistic within the weeks to come back. Moreover, for the second consecutive week, the worth has efficiently remained above a vital support/resistance stage.
Regardless of taking out two weeks of lows, the QQQ ETF managed to reverse and shut the week at $392.17 (+0.57%). The CHATS indicator has reached above 70 for the primary time since July, indicating important underlying development energy. Concurrently, the TTM Squeeze indicator is firing for the primary time in ten weeks, suggesting the potential for a brand new interval of volatility.
As for the IWM ETF, it closed the week at $186.80 (+1.02%), making it the strongest performer of the group. The value managed to commerce right into a key help/resistance zone however received rejected on the anchored VWAP from the all-time excessive. This would be the key stage to realize within the weeks to come back.