SPY Next Correction (Dec23)
Updated
Macro
- GDP Q3 dos EUA above expectations providing a potential economic growth inertia before the contraction from the QT. - Investing.com
- Fed Beige Book indicates employers reporting that there were more applicants available for their open positions. (Barrons)
- Fast speculation on rate cuts on next spring made by the CTAs.
- OPEC+ talks focusing on deeper oil cut, sources say (Reuters) (+ infl pressure)
Technical
- Fibonacci 161 confirmed as a target since the bullish traders settled down around this level. Loosing strength for the above levels the lower levels as 111% may be reached before getting new consistent highs.
- Also, there's a big gap in this region in
SPY 441.33-446.09 leading interest for those who couldn't buy.
- GDP Q3 dos EUA above expectations providing a potential economic growth inertia before the contraction from the QT. - Investing.com
- Fed Beige Book indicates employers reporting that there were more applicants available for their open positions. (Barrons)
- Fast speculation on rate cuts on next spring made by the CTAs.
- OPEC+ talks focusing on deeper oil cut, sources say (Reuters) (+ infl pressure)
Technical
- Fibonacci 161 confirmed as a target since the bullish traders settled down around this level. Loosing strength for the above levels the lower levels as 111% may be reached before getting new consistent highs.
- Also, there's a big gap in this region in
SPY 441.33-446.09 leading interest for those who couldn't buy.Trade closed: stop reached
Stop reached above 460 level, since speculation on growth and resilient economy continued to push rate cuts bets in shorter term, besides the strong economic data from recent months that could reduce the desinflation pace to achieve the inflation targets.
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