January Market Trends: SPY at 688 and BTC Below 90k (E100)

Happy New Year! With a lot of movement in the market at the start of this year, SPY is trading at 688, which is a very crucial support zone; it should ideally be able to bounce back from this level. However, if it fails to maintain that support, we could see it decline down to 683, which would be a concerning development for investors watching closely. On the cryptocurrency front, BTC is currently trading below 90k, showing not much activity in terms of significant price changes, and this stagnation may be indicative of broader market trends affecting traders’ confidence. Additionally, there are several rumors circulating about a potential ban on real estate companies purchasing single-family homes. If this policy were to be enacted, it could have a drastic effect on the real estate space, potentially driving down home prices, especially if we see a surplus in inventory as a result of reduced demand. Therefore, it’s essential to be on the lookout for upcoming market data; unemployment rates are set to be released soon, along with jobless claims and average hourly earnings, all of which could influence market sentiment and investor strategies moving forward.