Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
This week has been full of ups and downs in the financial world. Silicon Valley Bank experienced problems on Friday and regulators stepped in over the weekend. Markets were affected on Monday, but recovered on Tuesday. On Wednesday, Credit Suisse received bad news and bank shares dropped again. The Swiss National Bank provided support later that day. It’s uncertain if this is the end of the drama, as history has shown that financial crises can be unpredictable. During times of market turmoil, investors tend to play it safe, and the economy can suffer. Goldman Sachs predicts a 35% chance of a U.S. recession. In times like these, it’s important to pay attention to what authorities are thinking. Thursday’s press conference with European Central Bank President Christine Lagarde is important, as she has likely discussed plans with Federal Reserve Chairman Jerome Powell on how to avoid disaster. However, even Lagarde and Powell cannot predict the future.
As mentioned yesterday, the $SPY is currently trading within a sideways trend with fluctuations between ~$380.50 and $393.00. Given the high volatility, we advise waiting for confirmation of the direction of your trades before taking any action.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Thursday Economic Events:
Housing Starts/Permits 8:30am ET
Jobless Claims 8:30am ET
Philly Fed Mfg Index 8:30am ET
Import and Export Prices 8:30am ET
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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.