Greetings fellow traders and welcome to your January 19th edition of Weekly Wisdom: Levels to Know and Moves to Look For!
Let’s get to what we’re currently seeing in these crazy markets and what we have our focus on going forward.
“We just saw one of the worst 2-month declines in retail sales since the Global Financial Crisis and the covid lockdowns. The squeeze on consumers is real and markets are starting to treat bad news as bad news.”
$SPY had a hard reject off the resistance trendline / 400 resistance level with the deteriorating economic data that was released this week. Bulls must hold $SPY 386, the prior breakout level. Bears are fully in control with $SPY below 395.
$SPY continues to be faded off the 2022 resistance trendline. Bears will gain momentum if we lose last week’s low below 386.
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*As of 2:30pm ET January 19, 2023
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