Greetings fellow traders and welcome to your February 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 FactSet, Morgan Stanley Research: Morgan Stanley’s Mike Wilson still pounding the table that equities have lower to go based on further earnings deterioration
$SPY stopped its big move to the upside just shy of the next big resistance level noted at 420. Markets had a very big move to start this year off, and more time is likely needed before another leg higher through 4200, especially with $VVIX providing bulls a major warning sign.
$SPY with an inside week as bulls take a healthy pause and await next week’s CPI results – 400 is a must hold on further downside for this uptrend.
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*As of 3:15pm ET February 09, 2023
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