SPY Technical Analysis for Tuesday August 15, 2023
Hourly Technicals for SPY: Market Structure Shift 🎯 at 447.33; 👀 H4 Candle Close Above 450.30
Technology Stocks Drive U.S. Market Rally as Treasuries Dip in Light Trading Session
Technology stocks increased US equities during light trading, while Treasuries fell. Traders are balancing the possibility of a smooth economic transition with ongoing high-interest rates.
US stocks went up in a fluctuating session, with S&P 500 trading at 17% less than the usual 30-day average. Tech giants like Nvidia fueled Monday's rally, ending a two-week loss in the sector. Meanwhile, smaller companies struggled, pushing the Russell 2000 to its lowest point in over a month.
Treasury yields initially wavered but then increased, influenced by corporate bond sales. The two-year yield reached 4.96% on the fourth day, and the 10-year yield was 4.19%.
The market anticipates that interest rates will keep outpacing inflation in the coming years. Investors enjoying record gains in the first half are now faced with central bankers who are hesitant to lower rates.1
SPY Holds Above Prior Day's Open at 443.97, Closing at 447.95 - 448.72 H1-fvg-
ES1! Holds Daily FVG and closes at 4506.25 - 4514.00 H1_fvg+
NQ1! Holds Daily FVG, Clears 15196.25 - 15215.00 h1_fvg- and Closes at 15280.75 - 15306.50 h1_fvg-
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