$SPY TOP 20
Added 2023-03-13 20:15:20 +0000 UTCDropped like a stone at the opening to 380, like we said just over the weekend, there was nothing bullish to see here and all the indications were showing bearish. Recovered during the day to finish just negative as the FDIC and the President came out to try and calm the markets by offering reassurances to banks.....I do not believe this is enough. For now, the market will shift its attention towards the CPI figures tomorrow, I believe the CPI figures significance has reduced drastically now as the main issue is containing the contagion of failing banks, billions have been wiped from banks valuations today alone.
I believe the Fed were so focused on inflation that they missed the weakness of the banks, they may have created more problems than they first anticipated.
Tomorrow will still be interesting but the next few days will be important as the market digests properly what has happened over the last 4 days.
