Greetings fellow traders and welcome to your March 23rd 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 Federal Reserve, Goldman Sachs Global Investment Research: Goldman predicts one of the final shoes to drop in the market will be finally seeing net outflows in equities with Goldman predicting households to sell roughly $750 billion in equities in 2023
$SPY daily chart now is now “guilty until proven innocent” for the bulls with the large red breakdown candle from the FOMC. $SPY needs a daily close back above 400 to improve this chart a bit.
$SPY weekly chart also still remains in trouble for the bulls until they can get the weekly close back above the open of the weekly breakdown which remains that 405 level. Overall our markets remain trendless.
*As of 2:38pm ET March 23, 2023
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