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Sunday Update Week of March 4th – SPY Shows It’s First Weekly Red Candle in 2019

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 how the SPY, QQQ, and XBI ETFs are shaping up into next week. As the first weekly red volume bar of the year, is this a point of a reversal or just a quick consolidation zone before the next leg up?

Weekend Video Analysis


SPY: Daily vs. Weekly


QQQ: Daily vs. Weekly


XBI: Daily vs. Weekly


Related Blog Posts

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  3. Trendline Preferences – Customize your trendlines to automate a consistent trendline drawing strategy.
  4. Add Watchlist – Create your own watchlist and quickly move through charts with automatic analysis on each!
  5. Automatic Candlestick Recognition – Automatically input your favorite candlestick patterns into the system and have TrendSpider find all the ones on your current chart!

SPY: Before vs. After

This weekend’s “Before and After” shows SPY breaking through the trendline that was created by the near double top back in late October and early November and then finding hard resistance at the weekly 78.6% Fibonacci level.

Before

After

Zoomed

 


Timestamps Captured This Week

CHK

USO

QTT

 

 


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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.