S&P 500 (SPY) Report – 02/27/23
Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
US equity futures rose on Monday, attempting to recover from the worst week on Wall Street this year. Traders are also anticipating a big week in retail earnings. Futures for the Dow Jones Industrial Average increased by 0.7%, while S&P 500 futures rose by 0.8%, and Nasdaq-100 futures increased by 0.9%. The increase in futures follows Treasury yields easing after the 2-year rate hit its highest level since July 2007. However, the market rally may be fading due to the Fed’s tough stance on inflation and recent comments from Fed officials cautioning interest rates could rise higher and for longer than expected. Durable goods orders fell in January, and investors are looking for insight into the consumer from several major retailers, restaurants, travel and entertainment companies, and food companies set to report earnings this week, including Target, Costco, Lowe’s, and Macy’s.
Long Trade Ideas:
- The $SPY is trading well above Friday’s close. A few key areas to keep an eye for a potential long trade is Friday’s high of day at $397.25, and the 200D SMA on a 15 min chart at ~$398.28.
Short Trade Ideas:
- While the markets may be trading higher this morning, we might see some profit taking as we know shorts are present in the market. The $SPY is currently trading near last week’s Point of Control, an area where the most volume was traded, long and short.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Durable Goods Orders 8:30am ET – High Volatility Expected
Pending Home Sales 10:00am ET – High Volatility Expected
Dallas Fed Mfg Survey 10:30am ET
Fed Speaker Scheduled:
Phillip Jefferson 11:45am ET
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