S&P 500 (SPY). Omicron Variant news tanked our market this past Friday. Since this pandemic started SPY has not gone below the Bull Market Support Band which consists of 20 and 21 weeks SMA. Currently, the weekly Bull Market Support band prices are at $446 and $447.
Some prices to keep watch are $453, $447, and $446. Consider these as supports during this volatile time.
Also note that on December 3, 2021, the Debt Ceiling is due for default. What is the Debt Ceiling? “It is a ceiling imposed by Congress on the amount of debt that the U.S. Federal government can have outstanding.” The U.S has been able to lift the ceiling before however December 3, 2021, is a date to look out for.
Plus December 3rd is a Friday so I would consider closing out of positions or keeping a small number of options since the Debt Ceiling news could come out after the market closes.
Treasury Secretary Janet Yellen has estimated that the Debt Limit could reach until December 15, 2021. However, December 3rd is still a date to watch.
What if the Debt Ceiling defaults?
The US dollar could lose value (If the USD loses value then BTC is likely to rally)
Gold and Commodities could rise
Interest Rates could Rise
Equity Market could decline (Stock Market Recession)
This would only happen IF the Debt Ceiling defaults, as of now all we can do is wait and trade small positions until a clear direction is decided in the market.
Some prices to keep watch are $453, $447, and $446. Consider these as supports during this volatile time.
Also note that on December 3, 2021, the Debt Ceiling is due for default. What is the Debt Ceiling? “It is a ceiling imposed by Congress on the amount of debt that the U.S. Federal government can have outstanding.” The U.S has been able to lift the ceiling before however December 3, 2021, is a date to look out for.
Plus December 3rd is a Friday so I would consider closing out of positions or keeping a small number of options since the Debt Ceiling news could come out after the market closes.
Treasury Secretary Janet Yellen has estimated that the Debt Limit could reach until December 15, 2021. However, December 3rd is still a date to watch.
What if the Debt Ceiling defaults?
The US dollar could lose value (If the USD loses value then BTC is likely to rally)
Gold and Commodities could rise
Interest Rates could Rise
Equity Market could decline (Stock Market Recession)
This would only happen IF the Debt Ceiling defaults, as of now all we can do is wait and trade small positions until a clear direction is decided in the market.