Greetings fellow traders and welcome to your June 1st 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 Barclays Research, Bloomberg: As the VIX melts back toward year lows, risk control funds have been steadily adding exposure – a more neutral area here takes away an edge for the bulls – there is room for higher, but also room for de-risking
$SPY is once again looking to breakout with $SPX futures trading back over 4200. A close over 420 on this $SPY chart will give bulls a healthy look and should provide room for higher.
$SPY weekly now seeing two tails on our most recent candles as dip buyers continue to work hard. Bulls are looking for this week to help really confirm a 4200 breakout for a move to 4300.
*As of 3:04pm ET June 01, 2023
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