Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
With fourth-quarter GDP coming in higher than expected today, the S&P 500 advances higher. The Commerce Department reported that data indicated the fourth-quarter gross domestic product increased at an annualized pace of 2.9%. That exceeds the 2.8% print that analysts surveyed by Dow Jones had anticipated. Additionally, investors and traders will be evaluating the most recent round of company earnings. Today, strong Tesla results assisted in boosting Nasdaq futures as the earnings season drags on. The electric vehicles manufacturer rose 7% pre-market, reporting record sales and higher-than-expected profits.
In the news, Jeremy Grantham, co-founder of GMO, says a stock market bubble that began in 2022 is just getting started. The most “extreme” market froth, according to Grantham, was eliminated in 2022, but stock market values are still too high in comparison to historical averages. Grantham said that when huge bubbles break, the stock market often overcorrects to the negative. “Such an outcome still remains highly likely, but given the complexities of an ever-changing world, investors should have far less certainty about the timing and extent of the next leg down from here,” Grantham mentioned.
Potential Intraday Resistance Levels:
Nov. VA High: $403.00
Potential Intraday Support Levels:
9D EMA (4hr): $400.83
1/25/23 Market Close: $400.35
50D SMA (1hr): $399.61
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Thursday Economic Events:
Durable Goods Orders 8:30am ET – High Volatility Expected
GDP 8:30am ET – High Volatility Expected
Int. Trade in Goods 8:30am ET
Initial Jobless Claims 8:30am ET – High Volatility Expected
Wholesale Inventories 10:00am ET
New Home Sales 10:00am ET – High Volatility Expected
EIA Nat Gas Report 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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