SPY Technical Analysis and Stock Market Update 03.27.2023-03.30.2023
SPY Chart done on five minute and daily candles. Market volatility declined to end the week last week, but SPY’s volume saw an increase again following the Federal Reserve’s action to raise rates by 25 BPS. The long-awaited decision was a surprise to many considering the recent bank headwinds the world economy has been facing, but Powell’s comments about U.S. banks were positive. Powell reassured investors that The Fed is overseeing banking conditions and will be ready to assist if needed to keep depositors safe. During that same time as Powell’s conference, Treasury Secretary Janet Yellen said she potentially may not insure all banking deposits to depositors in failed banks. The opposing comments from Powell and Yellen sent stocks on...