07/09/2021 |

Weekend Updated Into July 12th – Broad Markets Book 3rd Straight Week Of Gains After Thursday’s Decline


Leading U.S. benchmarks wiped out last week’s losses after treasury yields moved up on Friday to edge the major indexes to close at new all-time highs. On Thursday, the broad market looked to end the week lower on renewed fears of a rise in the new COVID-19 delta variant and its impact on the global economy; however, an increase in U.S. wholesale inventories reported last week combined with the uptick in treasury yields was a signal that inflationary pressures appear to be easing; putting off any worries of near term action from the Fed.

The $SPY closed the week at $435.48 (+0.39%); a new all-time high. On the daily chart, the bullish breakout from the ascending triangle pattern has been confirmed, retested, and the price is holding well above the 1.618 extension. On the weekly, price is looking equally as bullish with “bullish hammer” close above the highest volume nodes on Friday; hinting at a strong open come Monday.

The $QQQ ended Friday at $360.97 (+0.48%); rebounding from Thursday’s steep decline. On the daily chart, price is working its way through a very steep ascending wedge formation, hinting at a near-term test of the upper trend line in the next few days or weeks. On the weekly chart, price has tested the 1.618 extension and closed with a bullish-looking hammer which has many wondering if a breakout is imminent.

In this blog post, make sure to check out the top 3 TrendSpider charts posted this week on social media; as well as the broad market charts into next week! Don’t forget to tune in for Episode 6 of the “Stock Trading Pit” this Sunday, July 11th at 8 PM (EST) with special guests Moonshine and Theta Warrior.

Check out the “Stock Trading Pit Show” Season 4, Episode 6 of the “Stock Trading Pit” this Sunday, July 11th at 8 PM (EST) with special guests Moonshine and Theta Warrior!

Set A Reminder and Tune In Here


SPY: Daily / Weekly

QQQ: Daily / Weekly

IWM: Daily / Weekly


Top 3 TrendSpider Posts This Week


 


 


Related Blog Posts

Check out our supplemental blog posts below:

  1. Mobile App Download – Access the web-based TrendSpider platform on iOS and Android.
  2. Alerts – Add alerts to your trendlines and indicators with sensitivity.
  3. Raindrops – Visualize volume and price action in a completely new way by visualizing volume flow throughout a specific time period.
  4. Conditional Criteria Alerts – Create complex conditions to be met between a mix of lower indicators and price action.
  5. Multi-time frame analysis (MTFA) – Overlay your chart a secondary timeframe with on trendlines, indicators, and Fibonacci levels.
  6. Trendline Preferences – Customize your trendlines to automate a consistent trendline drawing strategy.
  7. Add Watchlist – Create your own watchlist and quickly move through charts with automatic analysis on each!
  8. Automatic Candlestick Recognition – Automatically input your favorite candlestick patterns into the system and have TrendSpider find all the ones on your current chart!