Stock yielded to the red after a 3-week winning streak, pulling all major indexes into negative territory. After positive retail sales numbers rolled in on Friday, the University of Michigan’s index of consumer sentiment (which strips out inflation) revealed that consumers are worried about future prospects and tighten the belt with a 4.7 point drop; which was 1.4 points lower than economists expectations and the lowest since February.
The $SPY closed at $431.39 (-1.05%) on Friday. Price has broken the lower trendline of a rising wedge on the daily candlestick chart; an ominous sign indeed. On the weekly, things look less grim with price appearing to head for a retest of a liquidity zone on the volume shelf, which hopes are on it holding and serving as a launchpad for a retest (or breakout) of the upper trendline.
The $QQQ closed at $357.59 (-1.07%) on Friday. On the daily chart, we see similar price action as the $SPY with price piercing a lower trendline of an ascending wedge; with an Anchored VWAP from May’s lows leaving a question on the chart. The weekly candlestick chart’s price action was rejected at the 1.618 fib extension; an expectation that proceeds many questions into the week to come.
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 7 of the “Stock Trading Pit” this Sunday, July 18th at 8 PM (EST) with special guests Izzy and Austin Silver.
Check out the “Stock Trading Pit Show” Season 4, Episode 7 of the “Stock Trading Pit” this Sunday, July 18th at 8 PM (EST) with special guests Izzy and Austin Silver!
SPY: Daily / Weekly
QQQ: Daily / Weekly
Top 3 TrendSpider Posts This Week
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!