05/01/2021 |
Market Update Into 5/3: Twitter Rains on Friday’s Parade of Stellar Earnings Reports
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.
Weekly Analysis
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.
The $IWM.
Top 5 TrendSpider Posts This Week
