That old adage, “Hope for the best, but prepare for the worst”, must have been hanging on the walls of most Wall St. analysts at the end of 2020; as their conservative estimates were seen biting the dust on Friday with positive earning reports rolling in one after the other. The macro environment is showing positive numbers across the board with most stocks closing in the green. Banking, retail, and employment data point to a rebounding economy. However, some are worried that the economy might be burning from both ends and overheating too quickly; leading to calls for caution. With that being said, TrendSpider’s Chief Market Analyst, Jake Wujastyk, weekly index/ETF charts might shed some light on these calls for caution in the stock market.
On Friday, the SPY ended the session at $416.75 (+0.21%) on strong momentum into the next trading week. The weekly chart shows price piercing the upper range of the Bollinger Bands® which might be a sign of a pending retracement to come.
The QQQ closed Friday at $341.74 (+0.04%), with some selling pressure seen in the afternoon session. The Q’s price is also flirting with the upper range of the Bollinger Bands® behind the SPY, but no break of the outer band as of yet.
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.
Top 5 TrendSpider Posts This Week
Related Blog Posts
Check out our supplemental blog posts below:
- Alerts – Add alerts to your trendlines and indicators with sensitivity.
- Raindrops – Visualize volume and price action in a completely new way by visualizing volume flow throughout a specific time period.
- Conditional Criteria Alerts – Create complex conditions to be met between a mix of lower indicators and price action.
- Multi-time frame analysis (MTFA) – Overlay your chart a secondary timeframe with on trendlines, indicators, and Fibonacci levels.
- Trendline Preferences – Customize your trendlines to automate a consistent trendline drawing strategy.
- Add Watchlist – Create your own watchlist and quickly move through charts with automatic analysis on each!
- Automatic Candlestick Recognition – Automatically input your favorite candlestick patterns into the system and have TrendSpider find all the ones on your current chart!