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05/15/2021 |

Weekend Update Into May 17th – Bears Confer After Friday’s Broard Market Rally Across Major Indices

Major market indices rallied on Friday to post impressive gains, yet still suffering their biggest weekly losses since February. Friday’s gains were spread across various sectors; with Apple and Tesla for the win in Tech and Carnaval and American Airlines signaling that the U.S. economy is open for business again. Last week was a whipsaw of price action, leading many to believe that the gains posted were more due to the presence of traders rather than the sentiments of long-term investors shaking off inflation worries.

If we have a look at the University of Michigan’s Consumer Sentiment Report (released after market close), consumer sentiment is down by 5.5 points from May’s 88.3; a disappointment to Wall St., which forecasted a rise to 90.1.  Therefore, next week stands to be a pivotal point where the market either continues on the optimism of a supercharged spending spree upon the opening of the U.S. economy or succumbs to the inevitability of inflation.

The $SPY closed Friday at $417.44 (+1.75%) stemming the sell-off from earlier in the week. The session chart finds price working its way through the highest liquidity zones since March’s low. However, the weekly confirms a price rejection at a confluence zone between the upper trend line and the 2.618 fib level.

The $QQQ ended Friday’s session at $327.65 (+2.60%) on impressive earnings reports from major tech companies like Tesla and Apple. On the session chart, price is bouncing off of high liquidity nodes from March lows and the weekly chart records 4 red weeks in a row; in line with TrendSpider’s Seasonality Widget’s win rate of 0% this month.

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 1 of the “Stock Trading Pit” begins this Sunday at 8 PM (EST) with special guests, Stephan Livera, BTC early adopter and host of the SLP Podcast, and Jonah Lupton of Lupton Capital.

Check out the “Stock Trading Pit Show” Season 4, Episode 1 with Stephan Livera and Jonah Lupton on Sunday at 8 PM (EST)!

Set A Reminder and Tune In Here

SPY: Session / Weekly

QQQ: Session / Weekly

IWM: Session / Monthly

Top 5 TrendSpider Posts This Week


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Check out our supplemental blog posts below:

  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!