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03/20/2021 |

Market Update Into 3/22: Banks Take a Hit on Fed’s Capital Requirements

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. Set A Reminder and Tune In Here


Weekly Analysis

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.

$SPY session and weekly charts.

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?

$QQQ session and weekly charts.

The $IWM.

$IWM session and weekly charts.


Top 5 TrendSpider Posts This Week

$SPY chart by @charlesincharts on Twitter.

$TSLA chart by @trader_sailing on Twitter.

$TLIS chart by @shrederickson on Twitter.

$DDD chart by @abdulsalam1428 on Twitter.

$OCG chart by @CrankyRicky on Twitter.