S&P 500 (SPY) Report – 11/07/22

Good morning traders! 

The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…

The markets are trading higher this morning as some significant economic events take place this week. Tomorrow, the outcome of the midterm elections will be determined, which will have an impact on the direction of future spending by Congress. Democrats currently hold control of the House, and have a majority in the Senate. Republicans are currently predicted to take over at least the House of Representatives. However, given President Joe Biden’s low approval ratings, a red wave where it takes control of both the House and the Senate is also conceivable. We advise everyone to size down, and trade with caution as the market could go either direction very quickly; especially as political, geo-political, and inflation uncertainty is on the rise.

In the news, big tech can’t catch a break. Apple announced on Sunday that Covid restrictions in China are slowing down the shipments of the latest iPhones. The busy holiday season is just around the corner, and the iPhone 14 is the company’s main product line. Apple issued a warning that customers will now face increased wait times. Dan Ives, an analyst at Wedbush described it as “an absolute gut punch” for the company, which could impact roughly 3% of sales.

Potential Intraday Resistance Levels:
Pre-Market High: $378.85
50D SMA (4hr): $380.95

Potential Intraday Support Levels:
9D EMA (4hr): $375.97
EOD VWAP: $374.31

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Monday Economic Events:
Investor Movement Index 12:30pm ET
Consumer Credit 3:00pm ET

Fed Speaker Scheduled:
Loretta Mester 3:40pm ET
Susan Collins 3:40pm ET
Tom Barkin 6:00pm ET


DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

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