03/02/2019 | by Brad Ritter

Market Update Into 3/4: $SPY Shows It’s First Weekly Red Candle in 2019

BlogPrepare for the Trading WeekMarket Update Into 3/4: $SPY Shows It’s First Weekly Red Candle in 2019

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 take a look at how the $SPY, $QQQ, and $XBI ETFs are shaping up into next week. As the first weekly red volume bar of the year, is this a point of a reversal or just a quick consolidation zone before the next leg up?

Weekend Update

$SPY: Daily vs. Weekly

$SPY daily and weekly charts.

$QQQ: Daily vs. Weekly

$QQQ daily and weekly charts.

$XBI: Daily vs. Weekly

$XBI daily and weekly charts.

$SPY: Before vs. After

This weekend’s “Before and After” shows $SPY breaking through the trendline that was created by the near double top back in late October and early November and then finding hard resistance at the weekly 78.6% Fibonacci level.

Before

$SPY "before" chart showing it breaking through the trendline that was created by the near double top and then finding hard resistance at the weekly 78.6% Fibonacci level.

After

$SPY "after" chart showing it breaking through the trendline that was created by the near double top and then finding hard resistance at the weekly 78.6% Fibonacci level.

Zoomed

A zoomed in look at $SPY "before and after" charts showing it breaking through the trendline that was created by the near double top and then finding hard resistance at the weekly 78.6% Fibonacci level.