A prepared trader is a profitable trader, and Sunday is a great day to get ready for the week ahead by studying up from last week’s price action. This weekend, we take a look at how the charts look for $SPY, $QQQ, and $XBI into the short holiday week! As we take a look at the Fibonacci levels on these charts, check out our recently published blog post about who Fibonacci was and how he came up with these levels! Click here to read the full story!
$SPY: Daily vs. Weekly
$QQQ: Daily vs. Weekly
$XBI: Daily vs. Weekly
Before and After: $GS
This weekend, we take a look at Goldman Sachs daily chart which bounced hard off support and continued to move up towards the resistance trendlines above this October. The main reason this chart looked interesting was the fact that the daily RSI and %R were both crossing through the weekly (dotted line). The price action moved hard after this “before” chart with the two resistance lines above both being tested within about 15 trading days.
Timestamp Captured from Mid-October:
Timestamps Captured This Week