Spartan cheers of victory rang out in the Wall St. pits on Thursday, as the S&P smashed 4,000 to new all-time highs. With the NASDAQ adding an impressive 2% gain to the index (recovering losses from earlier in the week), the overall market is moving quite bullish into Q2; inline with seasonality data according to Trendspider’s Seasonality Widget. An announcement from the Biden administration of a $2 trillion dollar infrastructure spending package is the main catalyst for Thursday’s surge. However, investors will be listening closely to the details of the package on Wednesday when a White House press conference is scheduled.
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 ended Thursday’s session at $401.21; with a breakout of the upper level of an ascending triangle pattern on the weekly chart. On the sessions chart, price has closed above the upper trendline of an ascending wedge that many hope to become new support for continuation.
The $QQQ closed the week at $325.32; testing the upper level of an ascending triangle formation on the sessions chart. The weekly chart finds price well above the highest volume nodes at this price range; combining both for a suggestion biased toward a continuation on Monday’s open.