Market Update Into 12/17: Broad Market Analysis
A prepared trader is generally 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. In this weekend’s analysis, we follow up from the Sunday Analysis last week and look at how the broad market ETFs did. Overall, the long-term support that was analyzed last weekend remains intact but is holding onto a thread. See what we mean and check out the video analysis for the week ahead!
A Quick Note on Futures Data:
Futures data will no longer be supported by the TrendSpider system starting January 1st, 2019. We will explore bringing futures back once we have been able to implement this into the platform fully. If you have any questions at all, please reach out to the TrendSpider team at firstname.lastname@example.org.
$SPY: Daily vs. Weekly
$QQQ: Daily vs. Weekly
$XBI: Daily vs. Weekly
$NLST: Before vs. After
This weekend’s “Before and After” shows $NLST trading within a very defined wedge and moving between support and resistance perfectly. In this case, the price moved up sharply to the wedge resistance above and closed as a “Shooting Star” formation which was caught by the TrendSpider “Candlestick Pattern Recognition” feature. Once this bearish candlestick closed, a hard drop in price followed down to the wedge support, forming a bullish hammer candlestick which was also caught in “Pattern Recognition” mode.
Trendline Preferences Used
Timestamps Captured This Week