$SPY has been relatively flat over the last two week but it is worth to note on the development of a potential bearish flag in the daily chart as its declining 10&20 MA approaches.
Market is likely to get early year traction from FOMC Meeting Mins (Wednesday) & NFP (Friday) reaction for the next short term directional trend.
Thanks for reading.
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2/1/2023 Market Diary & Playbook
– $SPY (-0.26%) net highs/lows -9, remaining relatively flat after 2 weeks of trading (-0.3%)
– $SPY morphing out a bear flag as declining MA approaches
– early year traction likely from FOMC (Wed) & NFP (Fri) reaction for next short term trend pic.twitter.com/yahvmV9UBD— Jeff Sun, CFTe (@jeffsuntrading) January 2, 2023
