S&P 500 (SPY) Report – 03/06/23
Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
Markets are mostly unchanged this morning as investors await important economic data and remarks from Federal Reserve Chairman Jerome Powell later in the week. Both will affect interest rates as well as stocks. The hope is for a less aggressive interest rate policy, with only a 25 basis point increase. Other Fed officials will also be sharing their views on future monetary policy this week. Economic events this week include factory order data, February’s Nonfarm Payrolls, Labor Force Participation Rate, and Unemployment Rate. European indices are trading mixed, while Asia-Pacific markets are also mixed due to the Chinese Parliament’s announcement of a 5% growth target for 2023, lower than expected, and Japan’s indices are up due to cooling inflation figures for February.
Long Trade Ideas:
The $SPY closed strong on Friday, and major moving averages suggest that trend may continue today. Look for support near Friday’s high of $404.45, today’s pre-market low of $403.62, and the 9D and 200D moving averages on a 4hr chart.
Short Trade Ideas:
After Friday’s rally and a positive start to the morning, there may be some profit taking during the trading session. Monitoring VWAP closely and watching for retracements into that price level could be a potential trade idea.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Factory Orders 10:00am ET
Investor Movement Index 12:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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