Coming out of a nice bearish trend SPY has bounced nicely off the 200-day Moving Average on the weekly time frame.
Historically, the 200-day moving average has been a massive level of support and resistance. You can always expect some nice volatility around there.
Coming out of the bearish trend we do have some more bearish trend lines to hit.
As of now, I'm just watching this trading range and seeing how the market reacts to the unemployment rate tomorrow (OCT 7th) 8:30 ET. 3.7% reported last month is the number to beat.
Be patient and wait for the market to pick a side before loading any trades. On the other hand, make sure you're taking advantage of these nice discounts across the board for your long-term portfolio
Historically, the 200-day moving average has been a massive level of support and resistance. You can always expect some nice volatility around there.
Coming out of the bearish trend we do have some more bearish trend lines to hit.
As of now, I'm just watching this trading range and seeing how the market reacts to the unemployment rate tomorrow (OCT 7th) 8:30 ET. 3.7% reported last month is the number to beat.
Be patient and wait for the market to pick a side before loading any trades. On the other hand, make sure you're taking advantage of these nice discounts across the board for your long-term portfolio
Comment:
Economic data in this morning and markets reacted negatively. The gap to the downside has been filled. Waiting to see how the markets reacts
Comment:
$SPY testing 200-day moving average a head of CPI