S&P 500 (SPY) Report – 01/09/23

Good morning traders!

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

Stocks are trading higher this morning as the momentum continues from Friday’s rally. Last week, employment data showed a minor slowdown in hiring from previous figures in November, some signs of progress in the Fed’s attempt to ease inflation. As for the near term future, the S&P 500 ETF broke out of the consolidation channel the market has been stuck in for over a week of trading. The next major level of resistance the team at DailyBubble is watching is the 200D SMA (Simple Moving Average) on a one day chart. This price level also sits close to December’s value area high on a monthly volume profile (~$397.50), an area which we believe shorts will be present. As of right now, a lot can still happen that can change the short term outlook, such as Fed Chair Jerome Powell, who speaks tomorrow at 9:00am. We advise everyone to trade cautiously as volatility is high. 

In the news, Citigroup CEO Jane Fraser said the Fed will raise interest rates to just under 5.5% by May, stating “overall U.S. inflation has peaked, but services inflation continues to be painfully persistent.” She also included, “We see the Fed increasing its terminal rate to just under 5.5% by next May and holding rates at that level through the end of this year,” Fraser also stated she sees a recession happening in the later part of 2023. 

Potential Intraday Resistance Levels:
200D SMA (4hr): $391.48
Pre-Market High: $390.29

Potential Intraday Support Levels:
Market Close: $388.08
9D EMA (4hr): $387.77

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:
Raphael Bostic 12:30pm ET
Mary Daly 12:30pm 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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