Greetings fellow traders and welcome to your March 9th 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 Bloomberg: “There’s a reasonable chance that the Fed will have to bring the Fed Funds rate to 6% & then keep it there for an extended period to slow the economy & get inflation down to near 2%:” BlackRock’s Rieder …. New yield-curve inversion as short-term yields soar:
$SPY has seen a ton of chop over the past couple weeks but now trades at the same prices we traded at on 2/21, over 2 weeks with no real progress in either direction. Will jobs or CPI be enough to break us in a direction and establish a trend?
$SPY weekly chart here a bit of a mess after the all the chop – I would argue we are pretty neutral here going into these upcoming numbers in terms of both technicals and overall positioning. Be ready for a break or false break either way.
*As of 2:40pm ET March 9, 2023
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