Greetings fellow traders and welcome to your December 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.
Are markets getting too ahead of themselves predicting rate cuts? Some strategists are making the point a soft landing and no recession could actually be bad for risk assets, as this will push back any anticipated rate cuts.
Bears took back control as $SPX lost 3950 last week. 390 and 3950 remain resistance levels now. SPY has support at 380, 374, 370.
Our year-long topping trend line gives further downside follow through this week. SPY has support in front of year lows at 374, 370, and 360.
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Happy Holidays to you and your families! Thank you for reading!
*As of 12:35pm ET December 22, 2022
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