Description
⋅ The S&P has had a rocky beginning this year. Returns are negative YTD after a strong 2021, which showed a strong uptrend on the 20 week MA.
The 20 week MA has been broken and is now flat, converging to the 50 week MA. This may squeeze returns in the coming week.
RSI is at 45, indicating no strong buy or sell signal.
SPY is currently a HOLD.
I believe we will be range bound by the 20 and 50 week MA as markets wait for a fed decision in March or some other catalyst.