S&P 500 (SPY) Report – 03/02/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Today the mood on Wall Street remains gloomy as risk aversion continues to rule high. Even though some positive earnings could cushion any potential slide, traders are looking ahead to the jobless claims report and Fed speeches for more clues towards the economic and rate outlook. Yesterday, major moving averages ended mostly lower due to a sharp rise in bond yields, fueled by the price component of the Institute for Supply Management’s purchasing managers’ survey, and mixed earnings that stifled any recovery attempt. Most sectors, except for energy, material and industrial stocks, came under selling pressure. Analysts are expecting the Fed to keep hiking in the coming meeting as the broader economy recalibrates.
The $SPY is experiencing uncertainty and selling. Two potential resistance areas to monitor are yesterday’s low of $393.38 and the 4hr chart 9D Exponential Moving Average, which is currently pointing down.
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
Productivity and Costs 8:30am ET
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
Christopher Waller 4:00pm ET
Neel Kashkari 6:00pm ET
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