S&P 500 (SPY) Report – 04/17/23

Good morning traders!

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

Investors are preparing for more quarterly earnings reports, with stock futures being mostly flat this morning. Earnings season has picked up with results from financial names like State Street, M&T Bank, and Charles Schwab. Despite concerns over the financial sector, data from Bank of America shows that this earnings reporting season may already be faring better than expected, with 90% of companies beating EPS estimates during the first week. The reporting period for financial companies and banks continues with reports from Bank of America, Goldman Sachs, and Morgan Stanley. Results from electric vehicle heavyweight Tesla, IBM, and Netflix are also due out.

Trade Ideas:
The $SPY is currently trading near the 50-day Simple Moving Average (SMA) on a 1-hour chart, which has provided support earlier this month. This suggests that the bullish momentum might continue today. However, it is worth noting that the market experienced selling around $415, which could potentially act as resistance if the price approaches this level today.

Monday Economic Events:
Empire State Mfg Index 8:30am ET
Housing Market Index 10:00am ET
Treasury Int. Capital 4:00pm ET

Fed Speaker Scheduled:
Tom Barkin 12:00pm 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.