SPY Trading Analysis: Market Sentiment and Key Levels (E88)

SPY trading at 642 last week made all-time highs, reflecting strong market sentiment and investor confidence. It currently has support at 633, indicating a critical level that could prevent further declines, with a potential resistance at 646 that traders will need to watch closely. Meanwhile, Bitcoin trading at 116k raises the question: do you think they’ll reach new all-time highs? It appears that Bitcoin has been fluctuating within a range of 110k-120k for some time, demonstrating both volatility and resilience as investors navigate the cryptocurrency market. Furthermore, the broader economic landscape shows home sales are dropping, with houses staying on the market for longer periods of time, a trend that could indicate buyer hesitation or shifting market conditions. Although interest rates have come down slightly, they still remain within the range of 6.25-6.75%, influencing affordability and the overall housing market dynamics as potential buyers assess their options in the current environment.