Greetings fellow traders and welcome to your January 25th edition of Weekly Wisdom: Levels to Know and Moves to Look For!
Now let’s get to what we’re currently seeing in these volatile markets and what we have our focus on going forward.
Via CNN Business: A familiar chart that has appeared before in the past couple of months; CNN Fear/Greed meter is now back on “extreme greed” levels, which we last saw at the end of December before a before pull back in the new year. The last time before that was back in the summer where we had extreme greed for almost a month before a much larger and longer pull back took place into October.
$SPY daily chart broke through 477 resistance at the end of the week last week and continued higher this week. There is some resistance forming at new levels here at 488. Momentum bulls should look for 483 to hold, while the real trend is not in trouble until a close back under that 477 breakout level.
$SPY weekly chart continues to be as strong as can be, seeming to slow down a bit after a strong 3 weeks. Extreme greed reading on the Fear/Greed meter may keep bulls cautious for now until a bit of a better correction takes place.
*As of 2:44pm ET January 25, 2024
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