The S&P, Dow, and NASDAQ YOLO’d into the afternoon session to close at new all-time highs after morning jitters concerning inflation and manufacturing data. Although the numbers did point to a potential uptick in inflation, opinions are that it will be temporary at worse; with the current administration’s success dependent on keeping it in check. Investors are also pinning their hopes on strong numbers in the upcoming Q1 earnings reporting season and stimulus infrastructure spending to keep the current pace of economic momentum. With China’s production price index jumping 4 times that of the US, is 2021 poised to be the year that American manufacturers start to claw back much-lost market share?
In this blog post, make sure to check out the top 5 TrendSpider charts posted this week on social media; as well as the broad market charts into next week! If you missed Season 3 of The Stock Trading Pit, catch the recaps of every episode on our YouTube Channel.
The $SPY closed at $411.49 (-0.19%) strongly above the volume shelf to pierce the upper trend line on the session’s chart, but an ascending wedge on the weekly has bets evenly placed.
The $QQQ ended the week at $336.57 (-0.16%), revealing a perfect inverse H&S pattern on the session’s chart and a $350 price at the top range of the Bollinger Band® well insight on the weekly.