Greetings fellow traders and welcome to your June 22nd 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 EPFR, Haver, Deutsche Bank Asset Allocation: Chart says it all; technology has been a huge leader in this market rally, vastly outpacing all other sectors; energy, materials, and financials have been lagging while healthcare, telecom, and utilities have stalled out.
$SPY daily chart finally seeing a pull back after multiple weeks of trading either up or sideways. The uptrend is still very much in tact and bulls should be looking for 430 to hold on further downside – a move below 426 risks breaking this large uptrend.
$SPY weekly chart is seeing an inside week this week as the market works to cool off the parabolic move. Bulls have been paid well and may want to be careful buying too much too early on a dip.
*As of 2:42pm ET June 22, 2023
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