Greetings fellow traders and welcome to your February 16th 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.
Via Bloomberg: As interest rates have moved back higher, bears continue to argue the S&P should move lower in the coming months as we are still “too expensive”
$SPY is fairly flat for about a week now, trading at levels we were at over a week ago. We have a clear daily range established now with 415 as an upside breakout and 408 as a downside breakdown.
As a result of the daily range, $SPY is now forming a second inside week with a high of 415.05 and a low of 408.24.
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*As of 1:45pm ET February 16, 2023
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