Good morning traders!
The S&P 500 ($SPY) is trading near Monday’s close. Let’s get into it…
It’s Tuesday, and chipmakers are having a bad week, pulling the Nasdaq down to a two-year low. With new concerns among the computer chip market and the Russian Ukraine war, a bounce is looking less likely in the short term. The next level of support we are watching on the ($SPY) is pre-covid highs, which sits at $339.08 The immediate causes are indications of a weakened computer market and new export restrictions imposed by President Joe Biden on China. The effects of the global slowdown are not just beginning to hit manufacturers of semiconductors. Their issues could serve as a red flag for industries that have not yet been as severely affected.
In the news, Joe Biden said the US will “continue providing Ukraine with the support needed to defend itself, including advanced air defense systems.” Vladimir Putin threatened additional strikes against Ukraine after eight Ukrainian sites were struck by Russian missiles, a White House statement said. According to Putin, these attacks were a response to a strike on a bridge that connects Russia and Crimea.
Potential Intraday Resistance Levels:
10/10/22 Market Close: $360.02
EOD VWAP: $360.80
Potential Intraday Support Levels:
Pre-Market Low: $356.31
10/02/22 After-Hours Low: $355.08
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Patrick Harker 11:30am ET
Loretta Mester 12:00pm ET
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