Greetings fellow traders and welcome to your October 26th edition of Weekly Wisdom: Levels to Know and Moves to Look For!
Now let’s get to what we’re currently seeing in these volatile markets and what we have our focus on going forward.
Via JP Morgan: The inverse correlation between the DXY Dollar Index and equities is still evident with the $UUP attempting to break out of 30 this week.
Source: https://twitter.com/WallStJesus/status/1716670401898577943/photo/1
$SPY daily chart continued lower this week, now trying to find some support in the 410-415 zone as we see some extension build out. Bears may get short squeezed should $SPY try to reclaim 420 soon, otherwise 410 and then 403 are further support levels below.
$SPY weekly chart continues with the downtrend this week, breaking well below last week’s low. Support can be seen coming in at 410 and then 403 on any further downside. Bulls will have a lot of work to do to make this weekly chart look better.
*As of 3:08pm ET October 26, 2023
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