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Sunday Update Week of January 21st – The Markets Hit The Weekly SMA (20) “Wall”

A prepared trader is a generally a profitable trader, and Sunday is a great day to get ready for the week ahead by studying up from last week’s price action.  In this weekend’s analysis, we take a look at the broad markets after continued moves to the upside, with SPY, QQQ, and XBI all closing at or near the longer-term 20-week simple moving average resistance. As the market has not been phased by the government shutdown, the weekly SMA (20) is the only “wall” the market needs to pay attention to.

SPY: Daily Candle w/ Weekly Overlays

Video Analysis:


QQQ: Daily Candle W/ Weekly Overlays

Video Analysis:


XBI: Daily Candle w/ Weekly Overlays

Video Analysis:


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AMZN: Before vs. After

This weekend’s “Before and After” shows AMZN bouncing hard off the lower Bollinger Band (R) on the daily candle with a very strong move up to test and breakthrough the EMA (50) and then continued up to test the channel resistance above before continuing the move up. To learn more about Bollinger Bands (R), check out our blog post here. 

Before

After

 


Timestamps Captured This Week

TLRY

CHK

FB

 


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REMEMBER: These are charts that have interesting technical setups based on automated technical indicator analysis included. Charts and analysis provided for educational reasons only. TRENDSPIDER IS A CHART ANALYSIS PLATFORM. IT IS NOT INTENDED TO BE TRADING OR INVESTING ADVICE. ALWAYS DO YOUR OWN DUE DILIGENCE USING MULTIPLE SOURCES OF INFORMATION AND/OR SEEK THE ADVICE OF A LICENSED PROFESSIONAL BEFORE TRADING OR INVESTING. Please read our full risk disclaimer on our website by clicking here.