SPY Trends and Influencers February 10, 2024

SPY Trends and Influencers February 10, 2024 4

Last week, the assessment of the macro market indicators noticed heading into February, Punxsutawney Phil was calling for the climate to get hotter and fairness markets have been trying downright scorching. Elsewhere appeared for Gold ($GLD) to proceed the brief time period consolidation whereas Crude Oil ($USO) fell again into consolidation. The US Dollar Index ($DXY) continued to float to the upside in consolidation whereas US Treasuries ($TLT) drove greater. The Shanghai Composite ($ASHR) appeared to proceed the downtrend whereas Emerging Markets ($EEM) consolidated over assist.

The Volatility Index ($VXX) appeared to stay very low and steady making the trail simpler for fairness markets to the upside. The charts of the $SPY and $QQQ appeared robust, particularly on the longer timeframe. On the shorter timeframe each the QQQ and SPY had reset on momentum measures and have been now additionally trying higher to the upside. The $IWM continued to blaze its personal path, remaining within the 22 month channel.

The week performed out with Gold consolidating underneath resistance whereas Crude Oil bounced to the upside in the direction of resistance. The US Dollar met resistance and consolidated whereas Treasuries fell again, erasing final week’s bounce. The Shanghai Composite reversed greater however brief of a better excessive whereas Emerging Markets jumped and consolidated underneath resistance.

Volatility drifted decrease in a really slender vary. This gave equities room to the upside and so they resumed the uptrend mid-week. This resulted within the SPY and QQQ ending at all-time highs and the IWM persevering with heading in the direction of the highest of its channel. What does this imply for the approaching week? Let’s take a look at some charts.

SPY Daily, $SPY

SPY Trends and Influencers February 10, 2024
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The SPY got here into the week at an all-time excessive shifting up on the each day chart. It held Monday and Tuesday after which ran greater the remainder of the week, printing 3 extra all-time highs. It broke 500 and ended over it for the primary time on Friday to cap off the week. The value is using the Bollinger BandsĀ® greater because the RSI is beginning into overbought territory with the MACD optimistic and rising.

The weekly chart continued its new streak of being up 5 weeks in a row and 14 of the final 15 weeks. It can be using the Upper of the Bollinger Bands. The RSI on this timeframe is barely overbought with the MACD rising and optimistic. There is resistance at 501.50 and the 138.2% extension of the retracement of the 2022 pullback at 530, and goal for the Cup and Handle at 560 above that. Support decrease comes at 4998.50 and 495 then 491.50 and 488 earlier than 478. Uptrend.

SPY Weekly, $SPY

SPY Trends and Influencers February 10, 2024
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Heading into February choices expiration, fairness markets continued to point out power, particularly on the big cap and tech indexes. Elsewhere search for Gold to proceed in consolidation whereas Crude Oil consolidates in a broad vary. The US Dollar Index continues to float to the upside in consolidation whereas US Treasuries pullback of their downtrend. The Shanghai Stock Exchange will probably be closed all week for the Lunar New Year vacation whereas Emerging Markets consolidate underneath resistance.

The Volatility Index seems to be to stay very low making the trail simpler for fairness markets to the upside. Their charts additionally look robust, particularly on the longer timeframe the place the SPY and QQQ are up 14 of the final 15 weeks and 5 in a row. On the shorter timeframe the QQQ and SPY closed a document highs and look robust. The IWM is making an attempt to interrupt greater on the brief time period foundation and make a run on the prime of the 22 month channel. Use this info as you put together for the approaching week and commerce’em effectively.

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The info on this weblog publish represents my very own opinions and doesn’t include a advice for any specific safety or funding. I or my associates could maintain positions or different pursuits in securities talked about within the Blog, please see my Disclaimer web page for my full disclaimer.


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