SPY Bumps Into Resistance At $420 As It Moves In This Trend: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 (NYSE:SPY) faced resistance at $420 on Friday, as it continued its ascent from a triangle pattern. The stock market has been rising despite increasing expectations of a Federal Reserve interest rate hike in June. The upcoming Fed meeting and the debt ceiling crisis could impact market direction and increase volatility.
May 19, 2023 | 4:03 pm
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NEUTRAL IMPACT
SPY faces resistance at $420 as the market anticipates a potential Fed interest rate hike in June and the ongoing debt ceiling crisis. Increased volatility could impact the ETF's short-term performance.
The SPY is facing resistance at $420 due to the market's anticipation of a potential Fed interest rate hike in June and the ongoing debt ceiling crisis. These factors could increase volatility and impact the ETF's short-term performance. However, it is uncertain how the market will react to these events, so the score remains neutral.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100