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Rates continue to be volatile making markets volatile and a flight to safety in Mega Cap names this week. Let’s take a look at indices because they all look different this week.
Major Indices:
SPY - S&P500 ETF:
SPY Daily: On the Daily, we were rejected at the 396.50 level where the 20ma and trend cloud resistance is. Today, we broke below the 200ma and formed a Bearish harami. I think we continue lower back to the 380 fib level.
SPY Weekly: On the weekly, we are still below the trend cloud and this week we were rejected at the 50ma. I think we continue lower with momentum wanting to flip bearish. Think 380-373 is a possibility to the downside.