08/14/2021 |
Market Update Into 8/16: S&P and Dow Hit New All-Time Highs to Little Applause
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.
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 4 Finale) of the “Stock Trading Pit Show” this Sunday, August 15th at 8 PM (EST) with special guests Julia Cordova and Jonah Lupton.
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Weekly Analysis
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.
Top 3 TrendSpider Posts This Week
