Market Update Into 6/14: Major Market Indices Triple Dare the Fed Ahead of Policy Meeting and Close at New Highs
After Thursday’s CPI (Consumer Price Index) Report had most ETFs and equities against the ropes, the markets sidestepped inflationary signals into the bell and closed higher; with the S&P 500 hitting new all-time highs and the Dow and NASDAQ nibbling on an ear to record modest gains. However optimistic investors may seem, they are closely watching for what will come out of next week’s Federal Reserve Advisory Meeting and if the Board of Governors will share their view that inflation will be transitory.
In this blog post, make sure to check out the top 5 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 4 of the “Stock Trading Pit” this Sunday, June 13th at 8 PM (EST) with special guests JTrader and JuicyTradez.
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Friday, the $SPY closed at $424.41 (+0.19%) above the swing high from late May on the daily chart, printing a textbook green hammer, hinting at continuation into next week. On the weekly chart, price is inching closer toward the upper trendline following three consecutive weekly green candles. Is momentum building for a breakout or a rejection in the cards in the weeks to come?
The $QQQ ended Friday at $341.19, finally digesting enough supply on the volume shelf to position itself to attempt a run towards the upper trendline of a broadening wedge formation on the daily chart. On the weekly chart, we see price closing near all-time highs at the apex of an ascending triangle pattern. With a solid weekly close, expectations are that price will attempt new all-time highs; barred any surprises next week.