Greetings fellow traders and welcome to your August 3rd 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 Bloomberg Finance LP, DB Asset Allocation: Markets have been holding up impressively well, partially on the back of constant upside surprises in economic data as our economy continues to push strong. However, good things don’t last forever and judging by the history of this chart, we may start to see less and less of these positive upside surprises in the coming months.
$SPY trading down this week, losing the 452 momentum support which may now serve as resistance going forward on any initial up moves. We are finding some support around the 447-448 area today, providing some relief before $AAPL and $AMZN earnings reports. Further support below can be found at 445, 443, and then the 438-440 zone.
$SPY weekly finally seeing some damage done after an incredible summer rally, more or less a perfect trend higher since we broke over 420 earlier this Spring. Bulls need 438 to hold on any downside action, otherwise this weekly trend threatens to be broken. For now though, we are far away from there and are just seeing some healthy corrective action in an overall uptrending market.
*As of 3:30pm ET August 3, 2023
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