S&P 500 (SPY) Report – 03/30/23

Good morning traders!

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

This first quarter has been full of surprises, starting with a gloomy end to 2022 as stocks and bonds performed poorly due to the Federal Reserve’s interest rate hikes. Companies responded with layoffs, but stocks had a strong January on the expectation that the Fed would pause or reverse its rate increases. However, February saw stocks fall as it became clear that the Fed would continue hiking rates, inflation remained high, and the job market remained strong. In March, problems with banks emerged, but overall, the stock market has performed decently this year, with the Dow down only 1.3%, the S&P up almost 5%, and the Nasdaq up 14%. The Fed may pause its rate hikes soon, which could be good news for stocks. Additionally, initial unemployment claims rose to 198,000, beating expectations, and the final estimate of fourth-quarter GDP came in slightly below estimates at 2.6%.

Trade Ideas:
The S&P 500 has recently surpassed its trading range of $400. This breakout may present opportunities for bullish trade setups. Potential areas of support to monitor include the Volume Weighted Average Price (VWAP), which the SPY is currently trading above, as well as the 9D Exponential Moving Average (EMA) on various time frames.

Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET – High Volatility Expected
Corporate Profits 8:30am ET
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Susan Collins 12:45pm ET
Tom Barkin 12:45pm ET
Neel Kashkari 1:00pm 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.

Related Articles

Notify of
Inline Feedbacks
View all comments