The SPY Prints Reversal Signal Ahead Of Debt Ceiling Discussions, House Vote: What To Watch
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 (NYSE:SPY) briefly surpassed heavy resistance at $420.76 on Tuesday but closed lower, forming a bearish hanging man candlestick. The stock market may retrace on Wednesday ahead of the House vote on the debt ceiling deal. Traders can use MIAX's SPIKES Volatility products to trade the expected volatility.
May 31, 2023 | 12:50 pm
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SPY formed a bearish hanging man candlestick, indicating potential retracement ahead of the debt ceiling House vote. Traders can use MIAX's SPIKES Volatility products to trade the expected volatility.
The formation of a bearish hanging man candlestick suggests that the stock market may retrace on Wednesday, potentially leading to a short period of heightened volatility. This is particularly relevant as the House is set to vote on the debt ceiling deal, which could have a significant impact on the market. Traders can use MIAX's SPIKES Volatility products to trade the expected volatility in the SPDR S&P 500 over the next 30 days.
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