The Commerce Department also reported consumer spending rose 1.8% last month from December, the largest increase in nearly two years. The survey’s results renewed anxiety among investors that the Fed would continue its aggressive tightening campaign against inflation. The drop in optimism pressured the major indexes, as the Dow Jones dropped 3% for its fourth consecutive losing week, while the S&P 500 shed 2.7% in its worst week since early December and the tech-heavy Nasdaq sank 3.3%. Data compiled by 22V Research has found that rising interest rates have increased the correlation between growth and value stocks to the highest level since at least 2005. This week, investors will remain keen on the retail sector, with earnings from Target (TGT) on deck before market open on Tuesday aft
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I am BULLISH on $SPDR S&P 500 ETF Trust(SPY)$ for now. Here's a look at its daily chart: The stock closed above its 5DMA, which is a level it lost after the November CPI print was released a few days ago. This suggests a near-term trend reversal is inbound. Furthermore, the ETF appears to be forming a double bottom "W" setup around the high 370s-low 380s level, which suggests that a retest of 400s might be coming in the coming days and weeks. Moreover, the ETF is once again trading at the lower Bollinger Band, which suggests that at some point we will get a trend reversal to the middle BB (something like mean reversion). To add to that, based on historical data, the final trading week of the year tends to bring a