Greetings fellow traders and welcome to your July 27th 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 CNN Markets: A rare occurrence, this sentiment gauge has been stuck up in extreme greed for the entire month of July as the markets have pushed higher – this most likely will not stay on extreme greed forever, therefore this may not be the best time to be adding a ton of new long exposure to markets.
$SPY has been pushing higher for the entire month of July until finally seeing some real selling come in on Thursday after good news came into an already euphoric market. 452 is the first support on the way lower here, otherwise 445 is a better level should this turn into a bigger washout.
$SPY weekly chart has been on a fantastic run. While markets have been very strong, they cannot go straight up forever, this weekly chart may be starting a move for a bigger pullback into the mid 440s.
*As of 3:38pm ET July 27, 2023
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