S&P 500 (SPY) Report – 02/28/23

Good morning traders!

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

It’s the last day of the volatile month of February, and stock futures are trading higher ahead of Tuesday’s open. After rising more than 6% in January, stocks are on track to lose more than 1% in February, a combination not seen since 1989 when Federal Reserve interest rates were also rising. The Nasdaq is outperforming the Dow Jones Industrial Average by more than 10 percentage points this year, with renewed appetite for growth stocks. However, good news for the economy has been bad for stocks, with unemployment near a record low and the economy still growing, but inflation stickier than the Fed would like. The rest of the year depends on the Fed, with higher-for-longer interest rates likely to dampen things, but there is still hope for economic resilience. Back in 1989, stocks gained more than 16% between March and the end of the year, so there is still time for 2023 to turn around again.

Trade Ideas:

  • The $SPY broke below its monthly volume profile value area low, which could indicate buyers losing momentum. As of right now, the S&P is consolidating and could go either direction, but the overall trend appears bearish.

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
Wholesale Inventories 8:30am ET
Redbook Sales 8:55am ET
Case Shiller HPI 9:00am ET
FHFA HPI 9:00am ET
Chicago PMI 9:45am ET
Consumer Confidence 10:00am ET – High Volatility Expected
Farm Prices 3:00pm ET

Fed Speaker Scheduled:
Austan Goolsbee 2:30pm ET


DailyBubble’s Disclaimer
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.

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