$SPY & $RSP opened & closed below its 50-MA after release of PCE Price data, as market remains saddled with growing belief on 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), reclaming 50-MA. We are now in day 15 of a identifical process.
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27/2/2023 Market Diary & Playbook
– $SPY $RSP O-C 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 H-L, reclaiming 50-MA. Currently day 15.
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— Jeff Sun, CFTe (@jeffsuntrading) February 27, 2023
