S&P 500 (SPY) Report – 02/16/22

Good morning traders!

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

US stock futures fell on Thursday as traders considered another high inflation report, along with jobless claims data indicating the economy’s resilience amid the Federal Reserve’s rate hikes. This comes after January’s consumer price index and retail sales reports, which were both higher than expected, suggesting that the Federal Reserve may need to continue its efforts to control inflation. Despite this, the markets have remained resilient, with the Dow Jones and S&P 500 rising on Wednesday, and the Nasdaq Composite rising for its third consecutive day. Furthermore, investors are expecting economic reports, including the January producer price index, weekly jobless claims data, and the January housing starts report today.

Long Trade Ideas:

• This morning, the markets saw a rapid sell-off, which may lead to short sellers taking profits and the price potentially rebounding.

Short Trade Ideas:

• Although a potential market rebound was previously discussed, it seems that the bears are gaining control, causing the market to make lower highs. An area that could potentially retest for a further decline is the 200-day simple moving average on a one-hour chart, which is at around $411.06 and also aligns with the 50-day simple moving average on a four-hour chart.

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 – High Volatility Expected
Housing Starts/Permits 8:30am ET – High Volatility Expected
Philly Fed Mfg Index 8:30am ET – High Volatility Expected
PPI-Final 8:30am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Loretta Mester 8:45am ET
James Bullard 1:30pm ET
Lisa Cook 4:00pm ET
Loretta Mester 6:00pm ET

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