Greetings fellow traders and welcome to your February 2nd 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 JP Morgan, Bloomberg Finance L.P., FactSet: Note with the change to a bullish tone in the market, weekly retail net flow has flipped back into net buyers from net sellers throughout the second half of 2022
$SPY daily chart has exploded to the upside as markets price in a goldilocks economy / soft landing with fed futures still pricing in around 2 cuts into the end of the year. $SPY has big resistance above at 420.
$SPY weekly chart is officially through the 2022 resistance trendline. Bulls remain in control, but keep in mind this has been a very big 2-week move higher and some rest may be needed going forward. 420 is the next big resistance level for $SPY.
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*As of 1:45pm ET February 02, 2023
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