As shown, SPY has broken below several important support levels.
This includes (i) the downward sloping yellow trendline that acted as strong resistance throughout 2022, (ii) the white 200-day moving average, and (iii) the blue 390 level that acted as strong support/resistance throughout 2022.
Such a big breakdown bodes ill for the SPY in the weeks to come. Inflation data and the Federal Reserve's actions will most likely precipitate a strong move downwards.
This includes (i) the downward sloping yellow trendline that acted as strong resistance throughout 2022, (ii) the white 200-day moving average, and (iii) the blue 390 level that acted as strong support/resistance throughout 2022.
Such a big breakdown bodes ill for the SPY in the weeks to come. Inflation data and the Federal Reserve's actions will most likely precipitate a strong move downwards.