Weekly Recap & ETF of the Week

[Image] Good morning , Look out team, the bulls are on parade. The markets had a nice bullish week with the SPY gaining 2.23% and the QQQ gaining 3.77% on the week. This week was important for the market because of the critical location in which the SPY and QQQ found themselves. The bulls were able to finally pull off the seemingly impossible feat of a nice strong close above the MOAT (Mother of All Trend-lines). This was the first time we closed above the MOAT on the SPY since it was formed and held all of 2022. The SPY, QQQ, DIA and IWM are now all above all of their daily moving averages and their bear trend lines. There certainly has been a shift in sentiment over the last several weeks and it's evident when you check out the charts. For instance, Wednesday’s gap and go below the MOAT would have sent the markets careening lower during the 2022 market, but the buy the dippers stepped in on Wednesday and managed to close the day positive. This market is not totally out of the bear woods yet, and lower lows may eventually come. However, this price action is what should be happening in order for markets to put in a meaningful low. We have all the signs of a bottom being in on SPY, whether it really is or not. We have the capitulation gap down on October 13th with massive volume. We have a momentum changing gap and go on November 10th. We have the gap and go out of a 13 day consolidation, which picked our bullish direction, filled the prior gap and trapped the bears. We have the close above and retesting of the MOAT and the 200Dsma. This is all building up to form a giant inverted head and shoulders. A close above $410.00 on SPY will give us a higher high on the weekly and will be the neckline of the inverted head and shoulders. One candle can change everything and there will be plenty of chances for a wild gap and candle to come in with earnings reports, the FOMC meeting and much more to come in the next days, weeks and months. [SPY Daily Chart]( [QQQ Weekly Chart]( [DIA Daily Chart]( Our ETF of the week this week is iShares MSCI Emerging Index Fund (EEM). You can learn more about this ETF [here](. There was lots of talk about emerging markets outperforming in 2022 and we can see that that did not play out. While looking for significant bottoms coming in this one caught our eye. It bounced off of a monthly higher low trend line with the lowest RSI it has ever had. It has formed a really pretty inverted head and shoulders pattern and in the coming weeks looks like we could get a great opportunity to buy the dip off of that neckline. If we can get in on a nice retest, there shouldn't be anything stopping us until the $44.00 area. [EEM Monthly Chart]( [EEM Weekly Chart]( [EEM Weekly Chart]( Trade with a PLAN! Sincerely, The Traders Plan Team support@thetradersplan.com Disclosure: You are responsible for your own trading decisions. ALWAYS, do your own research before investing in any of the above securities. This is not a solicitation to buy/sell ETFs or securities. NEVER invest money in ETFs or stocks that you can't afford to lose. You can lose all of your capital by trading any securities mentioned. These ETFs/securities are very volatile and gain and lose value quickly. We reserve the right to freely trade in any mentioned ETFs or securities. We are not compensated by any mentioned companies. We trade ETFs and securities based on our opinion of intrinsic/possible future value only. We are not registered investment advisors, so always do your own research before buying any securities. Unable to view? Read it [online]( If you no longer wish to receive mail from us, you can [unsubscribe]( Sent from: Real Life Trading in Nashville TN 37221