One other month and one other quarter are within the books, and for all intents and functions, indexes carried out precisely as they traditionally do in September; Poorly! We now sit up for the return of fall and This fall, with its brisk climate and its seasonal power. If the bulls are going to regain management, that is the time of the yr for them to take action, however bears definitely have the ball for now. Let’s dig into the charts to see the place we landed this month and what may be forward within the last quarter of 2023.
This month, the SPY ETF closed at $427.48 (-5.08%), making it the strongest performer of the group, regardless of closing beneath final month’s low. This index stuffed the Honest Worth Hole that was fashioned in June, and beneath lies the all-important Anchored VWAP from the all-time excessive.
This month, the QQQ ETF closed at $358.27 (-5.22%), persevering with its downward pattern making a decrease low and a decrease excessive. Under lies a frightening Honest Worth Hole in addition to the Anchored VWAP from the all-time excessive. Fortunately for bulls, seasonal power returns in October and November.
This month, the IWM ETF closed at $176.74 (-6.29%), making it the weakest performer of the group, and consolidating throughout the symmetrical triangle for yet one more month. Sadly for bulls, the value failed on the Anchored VWAP from the all-time excessive and it seems a check of the triangle low is imminent. Very like its fellow indexes, seasonal power returns in October.