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 FANG stocks after the hard correction this October. To get a full week-by-week analysis of the broad markets in October, check out our Halloween SPY recap here!
Facebook (FB): Daily vs. Weekly
Amazon (AMZN): Daily vs. Weekly
Netflix (NFLX): Daily vs. Weekly
Google (GOOG): Daily vs. Weekly
Before and After: SPY
- An alert was set up above the price action which was the previous level of support now acting as resistance above. This trendline coincided almost perfectly with the 50-week EMA shown by the yellow dotted line.
- The daily RIS was crossing through the weekly RSI showing momentum was starting to gain.
- The %R also showed the daily crossing through the weekly which confirmed that momentum was gaining strength to the upside.
- The MACD started curling to the upside for a second time after a failed attempt the previous bounce.
- The price bounced off the 50-week EMA and the trendline resistance perfectly.
- The daily RSI continued to move through the weekly RSI showing momentum continuing up.
- The daily %R continued to move up through the weekly and past the previous high on the dead cat bounce in mid-October
- The MACD continued to get closer and closer to crossing to the upside with the fast (blue) nearing the slow (yellow).
TrendSpider Text Alert Triggered:
Timestamps Captured This Week:
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