Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Just two trading days into October, and the stock market has already experienced two breathtaking rallies. The team here at DailyBubble believes the markets are oversold and poised for bounce. When analyzing the S&P 500 ETF on a (1Y:1D) chart, you can notice a divergence in the security price and the RSI; the RSI making higher lows on 09/30 while the security price made new lows for the year. Markets are forward looking, and many are anticipating a less aggressive rate hike in November. Until the Fed makes a decision, we think the S&P is going to continue higher, moving towards the 50, 100 and possibly the 200D Simple Moving Averages.
In the news, the Job Openings and Labor Turnover Survey (JOLTS) results, which were worse than anticipated, were issued by the U.S. Bureau of Labor Statistics. Actual 10.053 million. Expecting 10.775Million.
Potential Intraday Resistance Levels:
20D SMA (1Y:1D): $381.70
10/04/22 High of Day: $378.26
Potential Intraday Support Levels:
Mid Pivot Point: $373.62
9D EMA (1Y:1D): $370.61
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
ADP Employment Report 8:15am ET – High Volatility Expected
Int. Trade in Goods 8:30am ET
PMI Composite Final 9:45am ET
ISM Services Index 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
Raphael Bostic 4:00pm 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.