Bears are questioning whether they came out of hibernation too early, as NASDAQ marks six consecutive months of gains and the DOW, three. This was topped with record-breaking earnings reports up and down the board on Friday. Although most big tech companies posted impressive gains and earnings reports on Friday, quite a few found themselves in negative territory; flattening the trajectory of some ETFs and indexes. Twitter (one of note) posted a 12% drop on Friday; strangely, after reports of a 28% jump in earnings year on year. Some point to this as the harbinger of things to come for tech stocks, as the US emerges from COVID-19 restrictions and more people detach from their devices.
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! If you missed Season 3 of The Stock Trading Pit, catch the recaps of every episode on our YouTube Channel.
The $SPY closed at $417.33 (+0.01%), a modest close with respect to the overall market gains in April. On the sessions chart, price is holding within a high liquidity node on the volume shelf. On the monthly chart, price has broken out from the upper trendline and holding its ground so far.
The $QQQ closed at $338.10 (0.03%). The sessions chart has printed an ominous-looking inverted hammer below several liquidity nodes on the volume shelf. On the monthly chart, price is still riding along the upper resistance band, teasing for a test of it with a solid candle closing the month.