Greetings fellow traders and welcome to your May 9th 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 Bloomberg Finance LP, Deutsche Bank Asset Allocation: With the help of $AAPL announcing a $110B buyback plan on their earnings last Thursday, the largest buyback announcement ever, overall buybacks have seen a solid increase throughout this earnings season, which helps give the markets an overall stable bid.
$SPY daily chart has seen a nice boost this week following $AAPL’s impressive earnings move last Thursday which started this break higher, with $SPY now making a higher high after last week’s higher low. Resistance to watch for above are 521 and 525 before new 52-week highs are in the cards.
$SPY weekly chart has negated the large weekly breakdown candle from mid April this week, now seeing a third up week in a row. While bulls are looking good again, traders may want to monitor the oversold $VIX heading into next week.
*As of 2:25pm ET May 9, 2024
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