Levels To Watch On SPY After Jerome Powell's Jackson Hole Economic Address

Benzinga

Jim Tassoni, CEO of Armor Wealth Strategies joined us on Benzinga's Premarket Prep with levels to watch on $SPY today, after Powell's Jackson Hole speech.

Transcript

00:00Here's kind of the levels longer term that I would be looking at. These are kind of swing trade

00:06levels that I've identified. I'm still bullish overall on the markets, especially the broader

00:12markets, S&P, the Qs, but I would be watching that 547.80 level as my pivot. A close below that

00:22today, which is a significant move from here. We're trading right at about that 549.35,

00:29559.40 level pre-market. But I think if we got a whoosh down and we couldn't hold that 547,

00:36that would change my overall feeling to being more neutral to leaning bearish in the short term.

00:43As long as we stay above that, I want to continue to look for moves to the upside. But a close above

00:50559.30 today, which is kind of right where we're at. If we can hold here and close above that,

00:57that would make me even more bullish. It would move me from kind of bullish neutral

01:01to bullish overall on the markets. And I would really be leaning into longs at that point.

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