$SPY: Fed induced rally hiccups
The 6 week rally from the low on Mar 23 appears to be digesting the gains or struggling for direction, as you see fit.
SPY ended lower for the week, down -2.65% on Friday on a very low volume day as most of the exchanges worldwide were closed for Labor day holiday. The critical 61.8% retrace and gap resistance is acting as a wall at present.
The US markets started May poorly, especially the small caps (IWM), which was trounced for -3.97%.
FED induced rally appears to be running out of steam.SPY has lost the 20 EMA. Price and momentum are diverging. Cycles are pointing to a low around 3rd week of May.
Story stocks like AMZM,
ZM, 
TDOC, strong sectors like semiconductors (SMH) -4.71% are likely trading heavy due to anticipated 2nd round of tarriff war with China. These geo political tensions, alongwith economic devatation from Covid-19, does not bode well for the markets for the near future.
Technically the markets are showing weakness, though a supportive tweet or further FED stimulus can again rip the markets higher.
SPY ended lower for the week, down -2.65% on Friday on a very low volume day as most of the exchanges worldwide were closed for Labor day holiday. The critical 61.8% retrace and gap resistance is acting as a wall at present. The US markets started May poorly, especially the small caps (IWM), which was trounced for -3.97%.
FED induced rally appears to be running out of steam.
SPY has lost the 20 EMA. Price and momentum are diverging. Cycles are pointing to a low around 3rd week of May. Story stocks like AMZM,
ZM, TDOC, strong sectors like semiconductors (SMH) -4.71% are likely trading heavy due to anticipated 2nd round of tarriff war with China. These geo political tensions, alongwith economic devatation from Covid-19, does not bode well for the markets for the near future. Technically the markets are showing weakness, though a supportive tweet or further FED stimulus can again rip the markets higher.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.