Good morning traders and Happy New Year!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
After the worst year since 2008, stocks are desperate to start 2023 on a positive note, but there is plenty of dread and gloom anticipated. Kristalina Georgieva, the head of the International Monetary Fund, did not send a Happy New Year message. On CBS’s Face the Nation, she stated that 2023 will be “tougher” than last year, with “one-third of the entire economy” predicted to enter recession. In a glimpse of hope, she stated that the United States has the most resilient economy and may avoid a recession due to a strong labor market. The major banks, on the other hand, remain pessimistic, with The Wall Street Journal reporting that more than two-thirds of experts at 23 leading financial institutions foresee a U.S. recession.
Michael James Burry, an American financier best known for his book “The Big Short,” has also predicted that the United States will face a recession this year. “Inflation peaked. But it is not the last peak of this cycle. We are likely to see CPI (the consumer price index) lower, possibly negative in 2H 2023, and the US in recession by any definition,” he said “Fed will cut and the government will stimulate. And we will have another inflation spike. It’s not hard.”
Potential Intraday Resistance Levels:
50D SMA (1Y:1D): $389.04
Pre-Market High: $386.83
Potential Intraday Support Levels:
9D EMA (1Y:1D): $383.25
12/30/22 Market Close: $382.43
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
S&P Mfg PMI Final 9:45am ET
Construction Spending 10:00am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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.