Greetings fellow traders and welcome to your May 4th 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 Goldman Sachs Global Investment Research: Similar to the range bound market we are seeing, we are seeing less notable surprises in economic data releases following a spree of positive surprises to start the year off… will our economic data continue this trend and deteriorate further as we head into a recession the second half of this year?
$SPY daily chart finally has some volatility after a failed breakout on Monday was followed by further regional banking drama. Bulls really prefer 405 to hold on a closing basis here, otherwise our uptrend begins to break and we move from a more bullish market to a neutral market.
$SPY weekly chart is seeing an ugly red candle here nearly engulfing last week’s action after the failed breakout at the start of this week. A weekly close below 408 here may get bulls a bit nervous of further downside risk.
*As of 3:40pm ET May 4, 2023
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