At Friday’s close, the S&P and Dow reached new all-time highs. The Dow gained over 300 points, the S&P closed above its previous high (by less than a quarter-point), and cyclicals started to show positive momentum. So where are all the cheers (volume rather to say)? With Disney’s ($DIS) gains on positive earnings doing the heavy lifting to keep the indices afloat, investors didn’t show up to the party; marking Friday as the lowest volume day of 2021. Analysts are pointing to a sharp drop in consumer sentiment (as reported by the University of Michigan) as the main reason for the muted repose from investors on Friday.
The $SPY closed at $445.90 (+0.78%). On the daily chart, price is slowly grinding its way through the highest node on the volume shelf; to close with a “hammer” candlestick on Friday. On the weekly, price is melting up to test the upper trendline within an ascending wedge. Looking to see if August’s seasonality win rate will hold true this year.
The $QQQ ended Friday at $368.83 (+0.08%). On the daily chart, price is testing the upper trend line of an ascending triangle with volume building in the upper price range at the close. On the weekly, price has held well above the 1.618 fib over the week which is now looking to possibly ignite momentum to new all-time highs.
In this blog post, make sure to check out the top 3 TrendSpider charts posted this week on social media; as well as the broad market charts into next week! Don’t forget to tune in for Episode 11 (Season Finale) of the “Stock Trading Pit Show” this Sunday, August 15th at 8 PM (EST) with special guests Julia Cordova and Jonah Lupton.
Check out the “Stock Trading Pit Show” Season 4, Episode 11 of the “Stock Trading Pit Show”. Sunday, August 15th at 8 PM (EST) with Julia Cordova and Jonah Lupton!
SPY: Daily / Weekly
QQQ: Daily / Weekly
Related Blog Posts
Check out our supplemental blog posts below:
- Mobile App Download – Access the web-based TrendSpider platform on iOS and Android.
- 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!