$SPY & $RSP opened & closed below its 50-MA after the release of PCE Price data, as the market remains saddled with growing belief in higher than expected rates, for longer than expected. Note that $XLF, $XLY & $XLK sector remains above 50-MA. The last recent correction (mid-dec) took 21 days period from swing high to swing low (higher low), claiming 50-MA. We are now in day 15 of an identification process. Thanks for reading. PS: If you enjoy the above curated article, you may follow me on twitter (@jeffsuntrading) to get daily market diary, trading ideas and market updates.
27/2/2023 Market Diary & Playbook
– $SPY $RSP OC below 50-MA, mkt saddled with growing belief on higher than expected rates, for longer than expected – $XLF, $XLY, $XLK above 50-MA -correction in Dec took 21 days from swing HL, reclaiming 50-MA. Currently day 15. read more pic.twitter.com/o797yqimC9 — Jeff Sun, CFTe
…
