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Mid-week market update

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Mid-week market update

$SPY $QQQ $IWM

Andrew Moss, CMT
Mar 17, 2022
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Mid-week market update

www.trading-adventures.com

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.

Twitter avatar for @hmeisler
Helene Meisler @hmeisler
SPX green 2 straight. Hasn't gone three in six weeks.
9:20 PM ∙ Mar 16, 2022
193Likes14Retweets

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.

Twitter avatar for @RyanDetrick
Ryan Detrick, CMT @RyanDetrick
We are one day closer to my favorite market stat of them all. #StPatricksDay is historically one of the most green days of the year for stocks. You can't make that up.
Image
8:01 PM ∙ Mar 15, 2022
270Likes70Retweets

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!

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Mid-week market update

www.trading-adventures.com
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