SPY My couple cents
Updated
This week's events and catalysts:
1.White House brought us a new definition of "Recession" :
"What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession."
2. Thursday the GDP numbers will come out. We will see if there is a classic recession or will White House convince us there is no recession.
3. The interest rate hike on Wednesday
4. Big name earnings.
There are so many possibilities and this definitely be a volatile week.
Believing the rate hike will be no more than 0.75 points, what I see from the SPY chart is that the test of the supply zone then test the ichimoku cloud line then to $414 test.
In general I am on the verge of turning to a bull in mid term.
1.White House brought us a new definition of "Recession" :
"What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession."
2. Thursday the GDP numbers will come out. We will see if there is a classic recession or will White House convince us there is no recession.
3. The interest rate hike on Wednesday
4. Big name earnings.
There are so many possibilities and this definitely be a volatile week.
Believing the rate hike will be no more than 0.75 points, what I see from the SPY chart is that the test of the supply zone then test the ichimoku cloud line then to $414 test.
In general I am on the verge of turning to a bull in mid term.
Note
My chart is right on the track. Technically SPY needs to see 405 before a retrace for a bear trap and run back to 414-420 area. I highly doubt the whales bought in the 380-393 range will be unloading at $401 levels.
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