06/26/2021 |

Weekend Update Into June 28th – The Broad Market Takes The Reins And Closes At New Yearly Highs

The broad markets and major indexes decided to celebrate the 4th early; booking impressive gains at the close on Friday. Of note, the S&P 500 closed at new all-time highs, signaling that investors are digesting new economic data on inflation as transitory and any rate hikes to be much later than sooner. The U.S. core PCE price index rose to highs not seen since 1992; however, coming in lower than expected on a month-to-month basis, which was received favorably by the markets. In addition to economic data alleviating investors’ inflation fears, Washington finally sealed a bipartisan deal on infrastructure spending which is being interpreted as the shot in the arm which will keep the fragile U.S. economy from stalling in the near term. 

The $SPY closed at $426.57 (+2.34%). Looking at the daily Raindrop Chart® price has finally closed above the upper trendline of the broadening wedge; with volume in the upper price range of the raindrop®. On the weekly, price has closed impressively above the highest volume nodes which now serves to be a possible launchpad for new highs.

The $QQQ closed at $349.48 (+2.06) on Friday. Mid-week, price broke through the upper trendline and appears to be moving towards a test seen in the volume building on the daily Raindrop Chart® on Friday’s close. On the weekly, price has finally absorbed supply to close strongly above the upper trendline of the ascending triangle, stoking optimism for a continuation. Very much looking forward to next week’s opening.

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SPY: Daily / Weekly

QQQ: Daily / Weekly

IWM: Daily / Weekly


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  1. Alerts – Add alerts to your trendlines and indicators with sensitivity.
  2. Raindrops – Visualize volume and price action in a completely new way by visualizing volume flow throughout a specific time period.
  3. Conditional Criteria Alerts – Create complex conditions to be met between a mix of lower indicators and price action.
  4. Multi-time frame analysis (MTFA) – Overlay your chart a secondary timeframe with on trendlines, indicators, and Fibonacci levels.
  5. Trendline Preferences – Customize your trendlines to automate a consistent trendline drawing strategy.
  6. Add Watchlist – Create your own watchlist and quickly move through charts with automatic analysis on each!
  7. Automatic Candlestick Recognition – Automatically input your favorite candlestick patterns into the system and have TrendSpider find all the ones on your current chart!