Greetings fellow traders and welcome to your January 5th 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 Bureau of Economic Analysis & JP Morgan
Chart speaks for itself: the personal savings rate has plunged lower, while credit and debt has been rising.
A storm is brewing in the market here with SPY stuck between roughly 376 and 386 for about three weeks now. Have alerts out for these levels as this market will break one way or another eventually.
Big picture, SPY remains in a downtrend and therefore is likely to have this consolidation break down below 376. There is room to 400 if a positive catalyst breaks us higher over 386.
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*As of 1:35pm ET January 5, 2023
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