Greetings fellow traders and welcome to your May 18th 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 J.P. Morgan: Equities have held up very well on the back of future coming rate cuts, while other markets remain worried – who will be right? This should be an interesting summer.
$SPY daily chart is attempting to break out of the smaller range we made this week, but remains in the larger 4100-4200 $SPX futures range. 417.50-418 is the breakout area for $SPY and bulls would prefer to hold 413 going forward.
Although $SPY daily chart is working on a breakout, the bigger weekly picture remains sideways and choppy, closer to the top of the range at this point. With most of the market not participating in strength, many are questioning how far $SPX futures can go over 4200 without broader market participation.
*As of 1:55pm ET May 18, 2023
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