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.
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.
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.
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.
Check out the “Stock Trading Pit Show” Season 4, Episode 4 with The Byzantine General and Blake-TradeTracer on Sunday, June 20th at 8 PM (ET)!
SPY: Daily / Weekly
QQQ: Daily / Weekly
IWM: Daily / Weekly
Top 5 TrendSpider Posts This Week
Related Blog Posts
Check out our supplemental blog posts below:
- 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!