$SPY got liquidated yesterday late afternoon and lost -1.99% to settle at 286.67. If the weakness is real then a follow through day should occur.
$ES futures have been drifting higher all night and are up 0.6% (17 handles) as of now.
The equity put/call ratio is hovering aroung 0.5, which calls for caution.
Today investors await Federal Reserve Chairman Powell’s comments re the outlook for monetary policy.
Words suggesting more stimulus plans can propel $SPY higher, but now it has to overcome 288-290 band which was support till yesterday and has the potential to become resistance now.
$SPY is below 5 and 10 day SMA's, but higher than 20 DMA, suggesting a short term market hiccup.
Signals are mixed so my stance is neutral.
$ES futures have been drifting higher all night and are up 0.6% (17 handles) as of now.
The equity put/call ratio is hovering aroung 0.5, which calls for caution.
Today investors await Federal Reserve Chairman Powell’s comments re the outlook for monetary policy.
Words suggesting more stimulus plans can propel $SPY higher, but now it has to overcome 288-290 band which was support till yesterday and has the potential to become resistance now.
$SPY is below 5 and 10 day SMA's, but higher than 20 DMA, suggesting a short term market hiccup.
Signals are mixed so my stance is neutral.