Greetings fellow traders and welcome to your January 26th 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 RBC Capital Markets: Notable here that positioning is well off the lows seen back in October when $SPX made its low. There is certainly room for higher levels here, but there certainly is also “no one left to sell” as investors have been buying.
$SPY with a big green candle on Wednesday, closing above $400 and the resistance trend line. That low of 393.50 is the higher low pivot for bulls to raise stops to, $410 is the next target for bulls.
We may see the first weekly close above the resistance trend line this week. Bulls are targeting 410 then 420 on the upside – bears are looking for a breakdown back through 398 to head to 390. We have a TON of catalysts coming up this week.
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*As of 12:30pm ET January 26, 2023
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