April 8, 2022 End-of-Week review

$SPY $QQQ $IWM $TLT $VIX

In the review last weekend I noted the shooting star patterns on the weekly charts of the major indexes.

Patterns need confirmation though so I remained open to all possibilities.

Andrew Moss, CMT 🚢 @Andy__Moss

Weekly Market Review - Lots of charts coming so strap yourself in. $SPY and $QQQ did not put in great weekly candles. ◾Shooting stars for both ◾SPY is still above the 10/40wk MAs ◾Bounce in a downtrend

Monday's strong price action changed the story briefly and looked to confirm a daily hammer pattern from Friday.

Then on Tuesday the Federal Reserve "spoke," volatility jumped, and the potential risks noted started to become actual risks.

Andrew Moss, CMT 🚢 @Andy__Moss

$SPY $QQQ Off to a good start for the week, month, and quarter Yesterday I wrote about the potentially dangerous-looking weekly chart patterns with $SPY and $QQQ. They both printed "shooting star" candles for the week which show that strength faded and we closed near the lows.

There was continued weakness in "big tech" and buyers kept showing up in defensive sectors such as Utilities and Consumer Staples.

$SPY closed between the 10 and 40wk SMAs

◆10wk is below the 40wk

◆40wk is still sloping upward

◆Sideways movement in an uptrend

$QQQ touched the 40wk SMA and moved down to close at the 10wk SMA

◆10wk is below the 40wk

◆40wk still sloping slightly upward but losing momentum

◆Sideways movement in an uptrend

$IWM closed below both the 10wk and 40wk SMAs

◆Both are sloping downward

◆weekly is potentially showing a bear flag pattern

◆Downtrend

$TLT 10 wk is below the 40wk

◆Both sloping downward

◆accelerating downtrend

$VIX spiked but settled back down.

I'll be back with a deeper look over the weekend. Let me know in the comments if there's something you'd like me to look at.

Have a good one! 🍻