A tumultuous week in the markets began early on Monday as optimism eroded soon after the opening bell. Losses were seen among the tech, healthcare and financial sectors and investors were concerned about the lack of detail of a possible trade deal with China. A five dollar drop ensued, and although SPY partially recovered, the damage had been done and the tone set for the remainder of the week.
Tuesday was a day of recovery. SPY bounced around between levels of support and resistance looking for a solid direction. Ultimately, SPY ended the day slightly lower as the tech, industrial and financial sectors incurred more losses.
SPY’s rapid descent resumed on Wednesday and continued Thursday and into Friday as further losses were reported and concern over the post-Brexit economy loomed heavy over the US markets. A new low of 272.42 was reached early Friday morning – almost ten dollars below SPY’s high on Monday. Even so, traders were determined to end the week on a high note and sent SPY climbing through the afternoon to close off the week near 275.
Hugh Grossman, Head Trader at Day Trade SPY.
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