S&P 500 (SPY) Report – 02/17/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
US stock futures dropped on Friday due to persistent high inflation and increasing bond yields, with the Dow Jones Industrial Average, S&P 500, and Nasdaq-100 futures all experiencing losses. This came after a 1% drop in major averages on Thursday following the release of higher-than-expected producer price index (PPI) data. St. Louis Federal Reserve President James Bullard’s comments on supporting a 50-basis point interest rate hike also impacted investor sentiment. Despite consumer spending indicators, such as retail sales and services PMI, showing improvement, investors may not be fully accounting for future declines in consumer spending and rising debt levels. The Dow is down for the third consecutive week, while the Nasdaq is up for the sixth week out of seven. Investors will continue to watch for further information on the Federal Reserve’s rate hike strategy from officials like Richmond Fed President Tom Barkin and Fed Governor Michelle Bowman.
Long Trade Ideas:
- The $SPY has been stuck in a trading range of about $404.00 to $418.00, waiting for more information to determine its direction. This morning, buyers are showing interest around $405.00, and it may be possible to make a long trade into yesterday’s close of $408.28.
Short Trade Ideas:
- The 50 and 200-day simple moving averages (SMA) around $410 on a 1-hour chart could act as resistance today. We are currently trading close to a support level and suggest waiting for confirmation before considering any short trades.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Import and Export Prices 8:30am ET
Leading Indicators 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Tom Barkin 8:30am ET
Michelle Bowman 8:45am ET
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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.
