US Indices Market Analysis (SPY, QQQ, IWM)

US Indices Market Analysis (SPY, QQQ, IWM)
S&P 500. Taking a look at the weekly chart below, you can clearly see that the long-term resistance at $206 has been breached and is now serving as support (exhibited by the bounce in late October). It continues to trade above its 50-week moving average and all signs point to a continued move higher, that is until we see some bearish formations.
SPY - S&P 500 Daily
Nasdaq. The Nasdaq also looks similar to the chart above since it broke out above its $113 resistance area and has been depending on it for support in September and November. It is currently trading in an up trending tight channel higher but both the RSI and MACD indicators are diverging; slowing down in terms of momentum. Near-term support is at $119.
QQQ - Nasdaq Daily
Russell 2000. The Russell looks slightly different as it is consolidating in a sideways channel between $133.50 and $137.50. Momentum is still strong and it is trading above its 8-week moving average which a positive shorter-term signal.
IWM - iShares Russell 2000 ETF

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