Although the S&P 500 posted six straight months of consecutive gains in July, Friday closed lower across most major indexes on renewed fears of COVID-19 restrictions and Amazon’s Q2 sales report. As the highly contagious Delta variant spreads, investors are not taking any chances on an already strained economic situation being compounded by new restrictions. This was further exacerbated by Amazon’s Q2 report showing signs that sales were slowing setting off alarms throughout the markets.
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!
The $SPY closed Friday at $438.45 (-0.09%). On the daily chart, we have a volume-weighted (Red) Raindrop® signaling that price is heading to test the Anchored VWAP from July’s lows. On the monthly, volume is aggregating at the higher price range of the Raindrop® and appears ready to test the 2008 historical trendline.
The $QQQ ended Friday at $362.41 (+0.16%). Price tagged the Anchored VWAP from July’s low with volume building at the upper price range of a (Green) Raindrop® Candle. On the monthly, price has broken out from consolidation formed from Oct ‘20 with a (Green) Raindrop (almost turning Blue) holding shyly above support.