S&P 500 (SPY) Report – 02/07/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
As investors process the Federal Reserve’s decision from last week, the markets are changing. Interest-rate reductions before the end of the year were confidently priced in the markets, but that confidence is starting to fade. On Monday, both stocks and bonds declined for a second day. Powell will have the opportunity to clarify any misunderstandings during his speech at the Economic Club of Washington today. But he has been emphasizing for months that in order for the Fed’s previous interest rate rises to take full effect, financial conditions must tighten.
- The $SPY chopped around yesterday, leaving little clues for determining a direction today. Jerome Powel will be speaking today at 12:00pm, so expect high volatility throughout the trading session. We might see a breakout / breakdown either direction from yesterday’s high of $411.29, and lows of $408.10.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
International Trade in Goods 8:30am ET
Redbook Sales 8:55am ET
Consumer Credit 3:00pm ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Jerome Powell 12:00pm ET – High Volatility Expected
Michael Barr 2:00pm ET
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