05/04/2019 | by Brad Ritter

Market Update Into 5/6: All-Time Highs in Play With Biotech Lagging

BlogPrepare for the Trading WeekMarket Update Into 5/6: All-Time Highs in Play With Biotech Lagging

In this weekend’s weekend analysis using the TrendSpider charting platform, we take a look at the broad market ETFs ripping to new highs while the biotech ETF continues to lag behind. Is the bearish weekly MACD on biotech a sign of things to come or is the market ready for higher levels as the China trade deal outcome possibly approaches.

Weekend Update

TrendSpider Broad Market Update: SPY & QQQ Hit All-Time Highs as XBI Lags

$SPY: Daily vs. Weekly Chart

$SPY daily and weekly charts.

$QQQ: Daily vs. Weekly Chart

$QQQ daily and weekly charts.

$XBI: Daily vs. Weekly Chart

$XBI daily and weekly charts.

$XXII: Before vs. After

This weekend’s “before” and “after” shows $XXII in a symmetrical wedge setup with price nearing the resistance above into midweek. An alert was created in case price action continued to move up and test this area. The chart shows the alert that was sent through a text message. To learn more about this feature, click here!