Greetings fellow traders and welcome to your November 3rd 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.
Credit Default Swaps & Equity Vol
Will the Fed need to break something in this market in order to cool inflation? Credit has been important to keep on watch.
Source: Goldman Sachs, Goldman Sachs Global Investment Research
SPY could not push past 390 resistance before the Fed and has now failed back down on Powell’s hawkish comments – 370 and 360 are support levels to watch below.
SPY weekly chart is now damaged from the Fed – SPY needs to at least reclaim 380 for bulls to feel comfortable again.
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*As of 11:50am ET November 3, 2022
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