Greetings fellow traders and welcome to your September 7th 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 Stifel’s Bannister: “4,800 S&P 500 needs a Financial Conditions Index near generational lows; we doubt the Fed wants that …” therefore upside for SPX past 4500-4600 feels challenging for now
$SPY fell off of 453 resistance late last week and has not looked back since, with selling accelerating all day Wednesday and into Thursday morning. $SPY is now attempting to bounce off of 443, but bullish momentum has certainly been damaged now. 446, 448, and then 450 are some resistance levels that bulls will need to push through, with further support coming in at 441 and 438.
$SPY is forming an inside weekly candle after last week’s large recovery, with highs of this week being 451 and lows just under 443. Bulls must defend 440-438 on any further weakness or we could risk going into a bigger picture downtrend on this weekly chart.
*As of 3:09pm ET September 7, 2023
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