03/02/2019 |
Market 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
$QQQ: Daily vs. Weekly
$XBI: Daily vs. Weekly
$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.