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06/19/2021 |

Market Update Into 6/21: Stocks Snap Multi-Week Streak on “Quadruple Witching” Day

Combined with the Fed’s announcement that two interest rate increases are to be expected by late 2022, most stocks and benchmark ETFs closed in the red on the expiration of single-stock options, stock-index futures, stock-index options, single-stock futures on Friday. To add insult to injury, the flattening of U.S. Treasury interest rates drove the rebounding financial sector lower, signaling to investors that the Fed might be tightening its monetary policies sooner than expected.

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 5 of the “Stock Trading Pit” this Sunday, June 20th at 8 PM (EST) with special guests The Byzantine General and Blake-TradeTracer.

Set A Reminder and Tune In Here

Stock Trading Pit, Episode: 05 on Sunday, 06/20/2021, at 8 PM EST.

Weekly Analysis

The $SPY closed Friday at $415.25 (-0.52%). On the daily chart, price appears to be working its way lower toward the AnchoredVWAP from March’s lows. On the weekly chart, we have an unfilled gap revealed by TrendSpider’s Gap Snake which appears to be where price is heading.

$SPY daily and weekly charts.

The $QQQ ended the week at $342.62 (-0.29%). Having a look at the Daily Raindrop Chart ® price closed above the upper trend line of a broadening wedge to fail and close lower on Friday. On the weekly chart, things seem a bit more optimistic with price closing right at the upper trend line of an ascending triangle pattern.

$QQQ daily and weekly charts.

The $IWM.

$IWM daily and weekly charts.

Top 5 TrendSpider Posts This Week

$PLTR chart by @HD28799428 on Twitter.

$WING chart by @_TheBlindTrader on Twitter.

$ZIM chart by @BlockchainVibes on Twitter.

$SOS chart by @Captainturk4 on Twitter.

$PINS chart by @Banker_L83 on Twitter.