Stocks Trade Mixed, SPY Falls As Banks Kick Off Quarterly Earnings, But This Bullish Pattern Has Emerged
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 ETF Trust (SPY) was volatile on Friday with mixed trading due to the start of the quarterly earnings season by big banks. Consumer confidence continues to drop, indicating the ongoing impact of high prices despite the Federal Reserve's rate hikes. The SPY has settled into a possible bull flag pattern, which could be influenced by big tech earnings next week. Traders can play the SPY through Direxion ETFs SPXL and SPXS, which are triple leveraged funds tracking the SPY's movement.
October 13, 2023 | 5:26 pm
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NEUTRAL IMPACT
SPXL, a triple leveraged fund tracking the SPY's movement, can be used by bullish traders to play the SPY.
SPXL tracks the movement of SPY and can be used by bullish traders to play the SPY. Its performance will be influenced by the movement of SPY.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPXS, a triple leveraged fund tracking the SPY's movement, can be used by bearish traders to play the SPY.
SPXS tracks the movement of SPY and can be used by bearish traders to play the SPY. Its performance will be influenced by the movement of SPY.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPY was volatile due to the start of the quarterly earnings season and dropping consumer confidence. It has settled into a possible bull flag pattern, which could be influenced by big tech earnings next week.
The volatility of SPY is due to the start of the earnings season and dropping consumer confidence. The possible bull flag pattern indicates a potential upward movement, but this could be influenced by the upcoming big tech earnings.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100