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

9:01 PM ∙ Apr 3, 2022

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.

9:25 PM ∙ Apr 4, 2022

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! 🍻