Friday closed in a mixed fashion; as has been common over the last few months. The Dow and S&P lost ground while tech bounced back to the surprise of many. The decline in the broader indexes was said to be brought on by the Fed ending a pandemic exemption which allowed them to carry loss-absorbing assets on their books; hitting the banking sector the hardest. The increase in financial sector capital requirements was booed by investors. While a spike in treasury yields injected some life into the NASDAQ; with some wondering if there isn’t more to it than this.
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 3, Episode 11 of the “Stock Trading Pit” on this Sunday at 6 PM (EST) with special guests, Peter Hegedus and Brian Shannon.
The $SPY closed the session at $389.13 (-0.09%); yet the afternoon session showed buying at higher levels and ended at a level of support.
The $QQQ closed at $312.82 (-0.10%) retesting the swing low that lead to the run up to all-time highs. With sentiment swaying back and forth, are investors losing their appetite for risk?