Greetings fellow traders and welcome to your August 24th 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 J.P. Morgan: Just as our economic data, which has been near perfect for much of this calendar year, starts to falter a bit with some misses coming in the past month, recession talks have dramatically dropped and a soft-landing seems to be the consensus now.
$SPY pushed lower past 438 support at the end of last week but managed to give a bounce off 433 on Friday. We are now failing off of 445 resistance as sellers came in after $NVDA’s earnings report. 440 is an inflection point with 438, 435, 433 support below and 443 – 445 resistance above.
$SPY weekly chart is forming an inside week despite the volatility seen throughout this week, our week’s range for now is 435 – 445. Jackson Hole will be a big event on Friday and could still push us outside of the range.
*As of 2:39pm ET August 24, 2023
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