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.
![Twitter avatar for @Andy__Moss](https://substackcdn.com/image/twitter_name/w_96/Andy__Moss.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFPcrjZ5XIAA9afF.jpg)
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.
![Twitter avatar for @Andy__Moss](https://substackcdn.com/image/twitter_name/w_96/Andy__Moss.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFPh6suNXMAYQe3Z.jpg)
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! 🍻