S&P 500 (SPY) Report – 04/06/23

Good morning traders!

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

US stock market futures are slightly down this morning due to concerns over a weakening labor market, indicating a potential economic downturn. Futures tied to the Dow Jones Industrial Average dropped 20 points, while S&P 500 futures fell 0.1%, and Nasdaq-100 futures fell 0.3%. Recent data has indicated slower job growth, with weekly jobless claims coming in higher than expected and job cuts soaring by almost fivefold compared to last year. Investors are now worried that the Federal Reserve may have tightened the economy too much to control inflation and may be heading towards a recession. The market will be closed for Good Friday, but investors will closely monitor the March jobs report on Friday morning.

Trade Ideas:
Given the recent pullback in the markets and concerns about a possible economic slowdown, a bearish outlook on the $SPY seems appropriate for today. A few areas to watch for potential resistance could be yesterday’s market close at $407.60, and the 50D Simple Moving Average (SMA) on a 1hr chart at ~$408.16.

Thursday Economic Events:
Challenger Job Cut 7:30am ET
Initial Jobless Claims 8:30am ET – High Volatility Expected
EIA natural Gas Report 10:30am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
James Bullard 10:00am ET

Stock Market Holidays:
Good Friday – April 7, 2023 – Closed


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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