Wednesday Mar 7 2023 SPY SPX ES Actionable Levels

Major selloff as we break key levels on Powell testimony. Will we rally back this week or is more red ahead?

March 07, 2023

In yesterday’s newsletter, I wrote

We busted through the 4047 & 4037 levels on the release of Powell’s remarks to congress. Granted, he hadn’t spoken them yet, but when they were released at 10 AM MT the algos had instantly crunched the data and keyed in on the higher interest rates for longer than expected portion.

The levels did their job again today. Above is the 30 min chart. Just play the levels!

After smashing through 4037, we broke 4017, 4012, 4004 and 3992 today.

Will bulls by this dip as they have done so many times this year?

Additional information on the week ahead including a second day of Powell testimony and key employment data on Friday.

As we sit in AH clinching 3986 support, what does this all mean and where do we go from here? Read below for my game plan which includes actionable support & resistance levels, outlook for tomorrow’s session and today’s trade recap.

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