S&P Bounces Off Trend Channel... Again!
Good news! We have another bounce today off the yearly trend line on SPY. We've been tracking SPY and this trend channel for awhile and this has been our 6th bounce off the bottom of the channel! This trend channel has proven to be a good buy opportunity whenever we bounce off it, even though SPY has seem resistant at breaking new highs. I expect bullish momentum to continue forward as monetary policies remain the same after this weeks FOMC. Inflation is expected to rise but since interest rates remain low, it will continue to be a buyers market.
Something interesting to be looking for is next weeks Fed Balance Sheet report. There has been a high amount of cash sitting on sidelines which in turn compels high amounts of liquidity flowing into Fed reverse repurchases (Reverse Repo). If we see lower numbers on the next report, this means institutional money is flowing back into the markets.
Something interesting to be looking for is next weeks Fed Balance Sheet report. There has been a high amount of cash sitting on sidelines which in turn compels high amounts of liquidity flowing into Fed reverse repurchases (Reverse Repo). If we see lower numbers on the next report, this means institutional money is flowing back into the markets.
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