SPY Technical Analysis for Monday March 13, 2023

SVB Financial Group shake-up sends shockwaves through financial markets - Freebie Monday

SVB Financial Group shake-up sends shockwaves through financial markets

The financial world is in a state of upheaval as SVB Financial Group experienced a major shake-up, sparking widespread concern about what might be next during the Federal Reserve's most aggressive tightening campaign in decades. Despite leading figures' assurances that a systemic financial crisis was unlikely, investors remain nervous. Consequently, equities have fallen, with the S&P 500 nearly wiping out its gains from the previous year.

Traders have been seeking refuge in bonds, which have risen after encouraging jobs data suggested that the Fed may hold off on speeding up rate hikes. This loss of confidence has led to the worst week for the US stock index since September, and risk assets have been hammered. The "fear gauge" on Wall Street, the Cboe Volatility Index, has spiked, reaching 29 at one point. Moreover, Bitcoin has fallen below $20,000 for the first time, and two-year Treasury yields have dropped by 29 …