S&P 500 Shrugs as FRC Officially Fails

Another bank failure ahead of a busy week.

Technical Edge — 

• NYSE Breadth: 72% Upside Volume

• Advance/Decline: 71% Advance 

• VIX: ~$16.50 — (52-week lows and its lowest level since Nov. 5, 2021)

When you have a series of trades go your way for an extended period of time you — or at least I — start to look around at the markets a little more closely to make sure we’re not being too greedy. 

Let’s be sure to keep that in mind as we go into a busy, busy week. That includes a plethora of earnings, the Fed’s two-day meeting and the Jobs report on Friday. Let’s also not overlook another bank failure here in the US, as FRC officially goes down.

S&P 500 — ES 

Clearly, 4200 will be the focus.

• Upside Levels: 4200, 4242

• Downside levels: 4130-35, 4115, 4095-4100

SPY

The SPY jammed into our $415 to $416 resistance level late on Friday and closed in that zone. How it handles this area will be interesting.