Greetings fellow traders and welcome to your October 27th 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.
The S&P 500 saw its biggest weekly gains in four months as evidence built that active fund managers are getting worried about missing a winter market rally
SPY broke out over 380 with the help of UUP, TNX, and VIX all coming down to lower levels. Now bulls would prefer to see 380 hold – however, 363.50 is the real higher low pivot bulls cannot lose for now.
SPY weekly chart is working on a big 2-week rally and may be due for a pause in front of 3900 – 4100 is big resistance.
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