S&P 500 (SPY) Report – 10/04/22

Good morning traders! 

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

The Dow Jones Industrial Average gained 765 points, or 2.7%, on Monday, its highest day since June. According to the CME FedWatch Tool, bets on the Fed funds rate rising to between 4.75% and 5% by the end of 2023 have lessened. Investors currently believe that a target rate between 4% and 4.25% is most likely. Australia’s central bank raised interest rates by a smaller-than-expected 25 basis points on Tuesday after inflation dropped to 6.8% in August, another indication that global hawkishness may be reaching a peak. Since markets are forward looking, any information or indicator that the Fed’s aggressive rate rise path may slow, or that a pivot is imminent are likely to have an effect. That was demonstrated on Monday.

Potential Intraday Resistance Levels:
9/22/22 (4hr) Resistance: $380.32

Potential Intraday Support Levels:
9D EMA (1Y:1D): $368.76
5D EMA (1Y:1D): $364.93

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Tuesday Economic Events:
Redbook Sales 8:55am ET
Factory Orders 10:00am ET
JOLTS 10:00am ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Lorie Logan 9:00am ET
John Williams 9:00am ET
Loretta Mester 9:15am ET
Phillip Jefferson 11:45am ET
Mary Daly 1:00pm ET

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