Indexes Weekly Review 3/7/2022
Week Previous
SPY and QQQ managed to close below the low set on the week of Jan 24th. IWM closed just south of its resistance line. During the previous rally, IWM's refusal to break its channel warned the rally was weak. IWM may be warning again that this bearish move lacks strength. Going back to Jan 24th, we see that volume is trending down on the daily timeframe.
Week Ahead
This week we are still looking to confirm market direction. Preferably, the signal will be all three closing above their resistance line or all three closing below the Jan 24th low. Based on RSI, I believe the bearish trend is more likely to continue.
SPY and QQQ managed to close below the low set on the week of Jan 24th. IWM closed just south of its resistance line. During the previous rally, IWM's refusal to break its channel warned the rally was weak. IWM may be warning again that this bearish move lacks strength. Going back to Jan 24th, we see that volume is trending down on the daily timeframe.
Week Ahead
This week we are still looking to confirm market direction. Preferably, the signal will be all three closing above their resistance line or all three closing below the Jan 24th low. Based on RSI, I believe the bearish trend is more likely to continue.
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