S&P 500 (SPY) Report – 01/19/23

Good morning traders!

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

As concerns about the Fed’s overtightening are prominent, the markets sold off yesterday and this morning. This week, a number of Fed speakers discuss the importance of raising the benchmark interest rate to 5%, or around three quarters of a point higher than it is at the moment. James Bullard, wishes to jump by half a point to get there more quickly. Some others, like Patrick Harker and Lorie Logan, prefer to increase by quarter-points slowly. On Thursday, Susan Collins, Lael Brainard, and John Williams speak; on Friday, Christopher Waller also contributes. Before the upcoming decision on February 1, everyone is expressing their opinions.

Officials use the unemployment rate, which is still historically low, as justification for their ongoing efforts to raise rates. Data on unemployment claims were also released today. The Fed can also point to the fact that services inflation isn’t declining as swiftly as prices for goods. Furthermore, investors and traders are keeping an eye on important quarterly reports to determine whether an earnings slump is developing. Today, several companies will announce their earnings, such as Netflix and Truist Financial. 

Potential Intraday Resistance Levels:
9D EMA (1Y:1D) $392.34
1/19/23 Close Price: $391.49

Potential Intraday Support Levels:
Pre-Market Low: $387.83
20D SMA (1Y:1D): $386.25

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

Thursday Economic Events:
Initial Jobless Claims 8:30am ET
Housing Starts/Permits 8:30am ET – High Volatility Expected
Philly Fed Mfg Index 8:30am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET – High Volatility Expected

Fed Speaker Scheduled:
Susan Collins 9:00am ET
Lael Brainard 1:15pm ET
John Williams 6:35pm 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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