Greetings fellow traders and welcome to your June 15th 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 CNN: The bigger picture gauge we shared last week continues to push higher with the market, hitting new extreme greed highs not seen in over a year now. Longer term buyers may want to take caution and use patience up here for now.
$SPY daily chart has begun to go parabolic upward as buyers continue to chase higher price. 445-450 is a major resistance zone to be aware of should $SPY keep pushing higher this week without a better pause.
$SPY weekly chart is getting very stretched to the upside. The zone of 440-450 has a lot of resistance from last Spring, with 440, 445, and 450 all being major levels.
*As of 2:37pm ET June 15, 2023
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