The SPY Consolidates 6% Surge After Fed Holds Rates, Job Market Shows Signs Of Softening: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 (NYSE:SPY) opened slightly higher after the Federal Reserve decided to hold interest rates steady and job gains data came in lower than expected. The SPY logged its best week this year, rising 5.85% between Oct. 27 and Friday. The market ETF was consolidating on Monday, forming an inside bar on lower-than-average volume. Traders can play the SPY either bullishly or bearishly through Direxion Daily S&P 500 Bull 3X Shares (NYSE:SPXL) and Direxion Daily S&P 500 Bear 3X Shares (NYSE:SPXS).
November 06, 2023 | 4:48 pm
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POSITIVE IMPACT
Traders can play the SPY bullishly through Direxion Daily S&P 500 Bull 3X Shares (NYSE:SPXL).
The SPXL is mentioned as a way for traders to play the SPY bullishly. This suggests that there is potential for growth in the SPY, which could positively impact the SPXL.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPY opened higher after the Federal Reserve held interest rates steady and job gains data came in lower than expected. The ETF was consolidating on Monday, forming an inside bar on lower-than-average volume.
The SPY is directly impacted by the news as it opened higher following the Federal Reserve's decision to hold interest rates steady. The lower-than-expected job gains data also influenced the ETF's performance. The consolidation of the ETF on Monday indicates a potential for future growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Traders can play the SPY bearishly through Direxion Daily S&P 500 Bear 3X Shares (NYSE:SPXS).
The SPXS is mentioned as a way for traders to play the SPY bearishly. This suggests that there is potential for a downturn in the SPY, which could negatively impact the SPXS.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80