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08/28/2021 |

Market Update Into 8/28: Indexes Rally to Close an Impressive Week

At Friday’s Market close both $SPY and $QQQ push to end the week at new all-time highs! Last week’s “tapering” panic was quickly shaken off by investors and traders alike seeing heavy bid action throughout the period.

Weekly Analysis

The $SPY closed very strong at $450.19 (+1.14%), although major trend resistance sits overhead a few points higher around $460.00. A close above this resistance could bring fireworks for the index, or weakness a potential pullback.

$SPY daily and weekly charts.

The $QQQ ended a powerful week strong Friday closing at $376.09 (+1.96%). On the daily chart, a green ballon raindrop close above the 1.618 resistance has us excited for more continuation next week!

$QQQ daily and weekly charts.

Top 3 TrendSpider Posts This Week

$WISH chart by @OptionsMike on Twitter.

$ABNB chart by @PatternProfits on Twitter.

$NVDA chart by @PandaOptions on Twitter.