S&P 500 (SPY) Report – 03/22/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
US stock futures waver ahead of Wednesday’s market open as investors and traders await the Federal Reserve’s decision on interest rates amidst a banking crisis. The Fed’s policy-making committee, led by Chair Jerome Powell, is expected to announce a 25-basis point rate hike or no change. Recent turmoil in the banking sector and the European Central Bank’s decision to hike rates by 50 basis points have contributed to this shift. The Fed releases its decision and economic projections at 2 pm ET, followed by Powell’s statement and questions at 2:30 pm ET. Meanwhile, Treasury Secretary Janet Yellen stated that the US banking system is sound, and regulators emphasized its stability. However, there are talks about a new rescue plan to restore investor confidence and potentially ensure a buyer for First Republic, despite its $30 billion cash lifeline last week.
We advise everyone to trade with caution today or avoid trading altogether as a few high volatility events are scheduled for today. It’s better to wait for more stable trading days, especially for novice traders.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
FOMC Announcement 2:00pm ET – High Volatility Expected
Fed Chair Press Conference 2:30pm ET – High Volatility Expected
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