Greetings fellow traders and welcome to your August 10th edition of Weekly Wisdom: Levels to Know and Moves to Look For!
Now let’s get to what we’re currently seeing in these crazy markets and what we have our focus on going forward.
Via Nomura Vol: “MCELLIGOTT: “And again, on repeat… this VIX squeeze remains a potential issue because of Systematic Vol Control positioning, as highlighted here for weeks — VC now 95.8 percentile Equities exposure on 3Y lookback… As such, Vol Control is a lumpy seller if the daily SPX range were to widen-out”
$SPY daily chart has had trouble rallying back higher since last week’s turn, failing once again today on an attempt to push back over 450. Today we tested and so far are holding support at 445 highlighted here last week – below this we have 443 and then the 440-438 zone as next support levels.
$SPY weekly chart seeing some further downside after last week’s ugly candle was put in – 438 remains vital for bulls to hold in order to keep this weekly trend looking clean still. For now, in the bigger picture, this is just a healthy pullback after a very big multi-month run.
*As of 3:04pm ET August 10, 2023
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