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today I want to look at the weekly charts using Trend spider and I want to show you that there's some very important information coming up on iwm and the small caps that could be following the big Tech sector and the rally that we just saw in the triple cues so if you want to set up your Trend spider chart to look just like mine click on the link in the description that'll have a tutorial video that shows you exactly how to set up your charts and Trend spider is also doing a promotion for the 4th of July and if you want to save up to 50 on a trend spider subscription just click on the link below and you can claim that discount all right so first we're looking at a weekly chart of the NASDAQ 100 triple cues and just doing a bear Market Fibonacci retracement of the entire bear Market of last year we can see that we have now retraced past a 61.8 retracement and we have officially rejected from the 76 percent retracement so technically speaking if you see a retracement this deep you are usually out of the old Trend and into a new trend so we are looking at the triple cues weekly chart expecting this bull Trend to continue now obviously the critical resistance was that rejection at 372 and that's going to be the critical resistance we need to break and once we break that resistance we should technically retest the previous all-time highs so whether or not that's going to happen right now or it's coming later in the year that is to be determined but that is the expectation if price action starts closing above that level now let's throw on the indicators because there's a very important thing that happened on the triple Q's weekly chart and we talked about this going all the way back to earlier this year that we were getting this weekly squeeze on the Bollinger band KC squeeze indicator that was telling us that a lot of energy was about to be released to the upside if you go back to March and April that's when we were squeezing and then we had the official breakout and after that bull flag breakout above 321 the triple cues have been on an absolute base Ripper now looking at the chart back then I told you that the RSI on the weekly chart was above 50 the macd was positive and trying to cross back above zero and once that squeeze fire to the upside and we broke through that resistance we were likely going to run away and that is exactly what happened that is what's so important about having these technical indicators because if you're following price action and you have this additional information you are going to have a significant advantage in the average Trader who does not know how to read the technical analysis so with the bullish price action and the bullish indicators this was a very low risk trade to stay bullish and so far that has paid off very well with very little risk around that support level now looking at the triple cues we can see they have led the way higher and the next sector I want to look at is the S P 500 and we can see that this index is just now starting to fire off the weekly squeeze and we are three weeks within it with a positive macd and the RSI is still well above 50.
now with spy that was the breakout above the 61.8 percent retracement that's by 430 and that is the critical support level we need to hold above while we have this weekly squeeze and positive momentum to push higher towards the next Target which is between 448 and 450. again if we break through all of these resistance levels then we should retest the previous all-time highs so these are not levels you want to ignore especially with all of the bullish technicals and the strong momentum to the upside so I just showed you how the triple cues led the way higher and how spy is now following and the next thing I want to do is I want to jump over to the small caps which is the iwm ETF and if we simply just look at the price action this is still a very bearish looking chart out of the bear Market it is really just consolidating and this is starting to build out what looks like a wedge if you just draw this out we have lower highs and if you draw the bottom of the wedge we have higher lows so we are really just consolidating and wedging in and building up energy and if we throw on the technical indicators we can see that is exactly what we see down here with the bbkc squeeze we're going from negative momentum into neutral momentum while we're squeezing the macd is trying to cross back above zero with positive momentum and the RSI just bounced off the weekly support level at 50 so we still have positive momentum so if you combine the weekly wedge with the same exact technical indicators that I just showed you on spy in the triple cues before their Bull Run you can see why it looks possible possible that the small caps iwmatf is about to go on another face ripping rally it doesn't guarantee it will but if you simply just look at the price action we did bounce off of the weekly 20 simple moving average and we had a very bullish week so if we start to break out of this wedge to the upside and we start to clear that resistance between 188 and 190 we could see all of these indicators released at positive momentum and we can easily start running higher towards 213 and then 225 which is exactly where spy and the triple Q squeezed to when they had their breakout so you can see very easily how these technical indicators give you an advantage when you're following price action and you have technical indicators giving you positive confirmation that you're seeing what you're supposed to see on the chart and the technicals are aligning you are going to have much better risk or ratios and much better success in your trading so the number one thing I want you to pay attention to on iwm is based on the fact that spy and the triple Q's had the same exact movements with the same exact technicals there's a very good chance small caps are just lagging behind and they are about to be the next major bull rally this is all based on everything I just showed you from Spy in the triple cues and how iwm has the same exact pattern and the same exact technical setup when you could identify what's leading and what's lagging you can take advantage of multiple different trades that are all moving in the same direction and you can move your profits from one successful trade into the next successful trade so as I said in the introduction how to set up your charts to look just like mine is going to be in the link in the description and you can claim Trend spiders July 4th discount for up to 50 off their subscription Plans by clicking on my link in description and claiming that discount also if you're interested in more of my analysis and my trade ideas I I have the socks Channel trading Discord community and you can find out more about either of those services or learn how to subscrib
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