The first week of September did not disappoint as we have now cracked the rangebound trading that punctuated the month of August.
In case you missed it, the shortened trading week saw the NA indices bottoming on the first trading day of the week and month followed by a bullish kicking gap up on Wednesday trapping the shorts and resulting in the short squeeze and rally to close the week.
The net result is that the SPY and QQQ are now less than 2% away from their all-time highs.
Still, September is historically a volatile month so any errant tweet or headline risk could jeopardize the current rally but in the short term, the buyers are in control.
Be sure to pay attention to how price trades in relation to those Weekly, Monthly, and Quarterly open levels.
Watch this week’s Weekly Outlook video to see the levels we’ll be watching this coming week.
In this week’s video, we look at the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD BTCUSD TOTAL EEM TLRY LITE GILD GOOG SNAP MH TLRY CGC CGNX EA SU XLU for the week of Weekly Market Outlook For September 9 – 13, 2019.
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