07/31/2021 |

Weekend Update Into August 2nd – Indexes Close Lower On Amazon’s Q2 Report and Accelerating COVID-19 Cases

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.

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.

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 9 of the “Stock Trading Pit” this Sunday, August 1st at 8 PM (EST) with special guests Jim Roppel and Anne-Marie Baiynd.

Check out the “Stock Trading Pit Show” Season 4, Episode 9 of the “Stock Trading Pit” this Sunday, August 1st at 8 PM (EST) with special guests Jim Roppel and Anne-Marie Baiynd!

Set A Reminder and Tune In Here


SPY: Daily / Monthly

QQQ: Daily / Monthly


Top 3 TrendSpider Posts This Week


 


 


Related Blog Posts

Check out our supplemental blog posts below:

  1. Mobile App Download – Access the web-based TrendSpider platform on iOS and Android.
  2. Alerts – Add alerts to your trendlines and indicators with sensitivity.
  3. Raindrops – Visualize volume and price action in a completely new way by visualizing volume flow throughout a specific time period.
  4. Conditional Criteria Alerts – Create complex conditions to be met between a mix of lower indicators and price action.
  5. Multi-time frame analysis (MTFA) – Overlay your chart a secondary timeframe with on trendlines, indicators, and Fibonacci levels.
  6. Trendline Preferences – Customize your trendlines to automate a consistent trendline drawing strategy.
  7. Add Watchlist – Create your own watchlist and quickly move through charts with automatic analysis on each!
  8. Automatic Candlestick Recognition – Automatically input your favorite candlestick patterns into the system and have TrendSpider find all the ones on your current chart!