Taking the analysis further
If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.
That’s where we walk through the same market structure in real time and apply the process to actual trade setups.
Last week the market was searching for support. This week, buyers finally responded in a meaningful way.
The biggest story wasn’t the hammer candles themselves—it was where they formed. QQQ reversed from a key anchored VWAP after reaching correction territory, breadth improved from washed-out levels, and several leadership groups stabilized after a volatile earnings week. Whether this proves to be an intermediate bottom or simply another failed rally will depend on what happens next.
As always, the goal isn’t to predict—it’s to identify the important levels, interpret the evidence, and let price confirm the message.
Roadmap improves: S&P futures reclaim a rising 5-day moving average while Nasdaq begins stabilizing.
QQQ prints a hammer: Buyers defend the March 30 anchored VWAP after an intraday decline of more than 11%.
Confirmation is next: Hammer candles are evidence—not buy signals. Follow-through is what matters.
Equal-weight leadership: Equal-weight S&P reaches another closing high, showing participation beyond the largest names.
Breadth responds: Nasdaq Bullish Percent reverses sharply after entering a washed-out zone highlighted last week.
Rotation may be shifting: Growth and Consumer Discretionary recover while defensive leadership eases.
Financials and Energy remain leaders: Both continue to hold constructive trends.
Software rebounds: Microsoft earnings lift the sector, though broader leadership remains mixed.
Bond yields break higher: Treasury yields remain an important macro development to monitor.
Next week’s focus: Watch for confirmation through higher highs, higher lows, and improving short-term trend structure.
References & Chart Resources
Chart School
https://www.trading-adventures.com/t/chart-school
The Bullish Percent Index – A Technician’s Perspective
Relative Strength – What Is It Really?
Take the analysis further
If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.
That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.
Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.
