Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
Both the tech-heavy Nasdaq and the S&P 500 experienced their largest weekly losses since December. Last week, Federal Reserve Chairman Jerome Powell stated that there is still much work to be done in the fight against inflation. In addition, Powell warned that if inflationary trends continue, interest rates may increase more than expected, contradicting some of the earlier market optimism that rate hikes will soon slow. Investors and traders will be keeping an eye on Tuesday’s consumer price index numbers in order to gain insight into the rate of inflation as well as information on retail sales. Also, the last leg of earnings season continues next week with reports from Coca-Cola, Marriott, Cisco, Marathon, and Paramount.
Long Trade Ideas:
- The $SPY closed higher on Friday along with the extended hours session. We might see buyers around Friday’s closing price ~$408.04.
Short Trade Ideas:
- Short term time frames appear bearish and we can expect some selling near pre-market highs of ~$409.50.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
No Significant Economic Data Scheduled
Fed Speaker Scheduled:
Michelle Bowman 8:00am ET
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.