Mid-week market update
Will St. Patty bring us more green tomorrow? Let's have a look.
#StPatricksDay #LuckoftheIrish 🍀
The $SPY made huge moves today and continued yesterday's positive action. This is the first time we've had two positive closes in a row since February 24-25.
Helene Meisler @hmeisler points out that it hasn't gone 3 in a row in six weeks.
The positive action is a nice change. But... it's still a bearish market chopping around in range. Caution is advisable.
Moving to a weekly chart we can see the $QQQ and $IWM are bouncing in a reasonable place.
Both found support at the confluence of the volume-weighted average price anchored to the Covid lows, and the 38.2% (Fibonacci) retracement of the move up from the Covid lows.
$IWM
Progress is good. Green is good. Especially coming into St. Patrick's Day. Which BTW, is a historically green day for stocks, as @RyanDetrick points out here.
Keep an open mind. Who knows if the bottom is in for now. It doesn't really matter. Manage each trade on its own. Get ready for a green beer. And we'll see what's next.
Good luck!