Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
Despite the beginning of a new quarter, markets remain uneasy due to both old and new fears and uncertainties. Friday was the third straight quarterly decline for the S&P 500 and the Nasdaq, the longest streak since 2009. As of today, the S&P 500 ETF ($SPY) is trading below all the major moving averages. Some analysts are thinking the market will test pre-covid highs, if that is the case, the S&P 500 could drop another ~5%. If that were to happen, the S&P will be down about 30% from January 4th, 2022 highs. We advise everyone to size down, and trade with caution as the market could go either direction very quickly; especially as political, geo-political, and inflation uncertainty is on the rise.
Potential Intraday Resistance Levels:
5D EMA (1Y:1D): $364.08
200D SMA (30min): $363.67
Potential Intraday Support Levels:
Pre-Market Low: $355.08
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
PMI Mfg Final 9:45am ET
ISM Mfg Index 10:00am ET – High Volatility Expected
Construction Spending 10:00am ET
Investor Movement Index 12:30pm ET
Fed Speaker Scheduled:
Raphael Bostic 9:05am ET
Tom Barkin 11:45am ET
Esther George 2:15pm ET
John Williams 3:10pm ET
Raphael Bostic 6:45pm ET
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.