On Friday morning, May’s Jobs Report pushed stocks and ETFs higher; with the NASDAQ and Dow closing just shy from previous all-time highs. The 559K+ jobs added in May were less than analysts predicted but signaled that the Fed will most likely leave interest rates untouched until clearer signs that inflation is knocking on the door of the economic recovery that is underway. Special mention to the NASDAQ that closed with a weekly gain of 1.4%, hinting at the role that tech is to play in the Binden Administration’s plan to rebuild America.
The $SPY closed Friday at $422.62 (+0.92%). Taking a look at TrendSpider’s Raindrop® Charts on the daily, price tagged the Anchored VWAP mid-week and closed above the high volume nodes on the volume shelf; with trading volume building at the upper price range visualized in the Raindrop® Candles. On the weekly, continuation is expected, as price closed shyly above the 2.618 fib on a “Dragonfly” Doji candle.
The $QQQ closed the week at $335.8 (+1.76%). On the daily Raindrop® Chart, price has successfully burrowed through a few high volume nodes on the volume shelf to close above; with buy volume mostly in the upper price range. On the weekly, price action has respected the ascending trendline and now battering away at the upper resistance level; with a “Dragonfly” Doji to close out the week.
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 Season 4, Episode 3 of the “Stock Trading Pit” on Sunday (6/6) at 8 PM (EST) with special guests, King Blehme from King Street and Tanner from ChartingOptions.
Check out the “Stock Trading Pit Show” Season 4, Episode 3 with King Blehme from King Street and ChartingOptions on Sunday (6/6) at 8 PM (EST)!
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!