Greetings fellow traders and welcome to your March 16th 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 Morgan Stanley Research, Bloomberg: The regional bank turmoil has tightened up financial conditions a bit as well as lowered the peak Fed Funds terminal rate – however as you can see, overall financial conditions are still much easier than they were when the markets made lows in October last year
Source: https://twitter.com/WallStJesus/status/1635760769261240322/photo/1
$SPY daily chart is working on a nice rebound after the weekly breakdown / $VIX breakout. 397, 400, and 405 are resistance levels above – bulls ultimately need to get a close above 400 to get out of the penalty box here.
$SPY weekly chart has suffered a breakdown but is working on a nice recovery so far. Technically speaking bulls need to have a close above last week’s open to negate that candle, which would be a $SPY close over 405.
*As of 2:00pm ET March 16, 2023
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