S&P 500 (SPY) Report – 03/23/23

Good morning traders!

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

The $SPY is trading higher this morning after Wednesday’s sell-off following the Federal Reserve’s decision to raise rates. According to CNBC’s Jim Cramer, the market’s tumble on Wednesday was not due to the Fed’s rate hike, but rather Treasury Secretary Janet Yellen’s remarks about the government not bailing out shareholders, bondholders, or depositors in failed banks. Cramer believes that the Fed’s rate increase is logical and reasonable and that it should be viewed positively. However, Yellen’s comments and Powell’s remarks about bank fragility have caused fear and instability in the market. As for recent economic data, weekly initial unemployment claims fell to 191,000, which was lower than expected, while new home sales for February were expected to decline compared to January’s numbers. 

Trade Ideas:
We advise everyone to trade with caution today as potential volatility that may persist into today and Friday’s trading sessions following the Federal Reserve’s decision and recent speaker remarks

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
Chicago Fed Activity Index 8:30am ET
Current Account 8:30am ET
New Home Sales 10:00am ET – High Volatility Expected=
EIA Natural Gas Report 10:30am ET
KC MFG Index 11:00am ET

Fed Speaker Scheduled:
No Speakers Scheduled

 

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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