S&P 500 (SPY) Report – 03/03/23

Good morning traders!

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

Stock futures are trading higher this morning as investors digest the Federal Reserve’s rate-hiking plans based on comments from central bank speakers. Yesterday, the Dow had its best day since February 13, with the S&P 500 and Nasdaq Composite also rising. Atlanta Fed President Raphael Bostic said that he thinks the central bank can keep its interest rate hikes to 25 basis points, but Fed Governor Christopher J. Waller raised the possibility of a higher terminal rate if inflation numbers don’t cool. On the economic data front, the Institute of Supply Management is due to release its Non-Manufacturing Purchasing Managers’ Index (PMI) report on Friday morning, and investors will listen for further commentary from central bank officials.

Long Trade Ideas:
The market had a strong close yesterday, and moving averages on lower time frames suggest that the momentum may continue. Two levels of support to watch are yesterday’s high of $398.69 and the 1-hour 200-day Simple Moving Average at $398.03.

Short Trade Ideas:
The market is currently trading higher than yesterday’s closing price, but there’s a chance that the SPY might fill the gap between the market open and closing bell, which could create a potential short trade.

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Friday Economic Events:
PMI Composite Final 9:45am ET
ISM Services Index 10:00am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
Lorie Logan 11:00am ET
Raphael Bostic 11:45am ET
Michelle Bowman 3:00pm ET
Tom Barkin 4:15pm 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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