S&P 500 (SPY) Report – 01/10/23

Good morning traders!

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

As hawkish comments from Fed officials put investors and traders on edge today, the markets are trading lower this morning. Today, Fed Chairman Powell will take part in a panel discussion at the Sveriges Riksbank International Symposium on Central Bank Independence in Stockholm, Sweden at 9:00 a.m. ET. Yesterday, what looked like a breakout to the upside was quickly reversed in the trading session, as the market might be making lower highs. As for now, it’s early to accurately make that prediction, but it’s something the team at DailyBubble is watching closely. 

In the news, Goldman Sachs is anticipated to begin laying off 3,200 employees in its largest job layoffs since the 2008 financial crisis. The layoffs were credited to a slowdown in business, losses from consumer banking, and overall market uncertainty.

Potential Intraday Resistance Levels:
50D SMA (30min): $388.36
01/09/23 Market Close: $387.86

Potential Intraday Support Levels:
50D SMA (4hr): $383.47

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

Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
Redbook Sales 8:55am ET
Wholesale Inventories 10:00am ET
EIA Short-Term Energy Outlook 12:00pm ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Jerome Powell 9:00am ET – High Volatility Expected

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.