Bears are more than puzzled and sent back into temporary hibernation after the Dow closed above $35,000 for the first time on Friday. The week opened with a sharp sell-off on lower 10-year yield treasury bonds hinting at bad news inbound from the Fed’s meeting on July 27th. However, the S&P 500 held above the 50 day moving average to ignite the markets on Friday.
The $SPY closed out the week at $439.90 (+0.54%). On the daily chart, price has absorbed supply on the volume shelf and is making a move towards testing the upper trend line from May. We see a similar tale on the weekly chart, with price nearing long-term resistance that has been in place since March.
$QQQ closed Friday at $368.08 (+0.76%). On the daily chart, price has lifted off from the highest volume nodes and headed for a test of the upper trendline with vigor. On the weekly, price has claimed the 1.618 fib with a strong close end of day.
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 8 of the “Stock Trading Pit” this Sunday, July 25th at 8 PM (EST) with special guests Anthony Crudele and Eric Thies.
Check out the “Stock Trading Pit Show” Season 4, Episode 8 of the “Stock Trading Pit” this Sunday, July 25th at 8 PM (EST) with special guests Anthony Crudele and Eric Thies!
SPY: Daily / Weekly
QQQ: Daily / Weekly
Top 2 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!