S&P 500 (SPY) Report – 10/12/22
Good morning traders!
The S&P 500 ($SPY) is trading near Tuesday’s close. Let’s get into it…
After two consecutive down days to start the week, U.S. stock futures move slightly higher above yesterday’s close. In the news, Biden said he doesn’t think there will be a recession. Or, if a recession does occur, “it’ll be a very mild recession.” JPMorgan CEO, Jamie Dimon has a different perspective. In six to nine months, he predicts, there will most likely be a recession. According to Dimon, the situation is “very, very serious” as a result of the war in Ukraine, rising interest rates, and inflation. 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.
It’s possible that some Fed officials are beginning to worry about overtightening. The idea may have crossed the minds of a few rate-setters, according to the minutes from the September conference. However, the recent flurry of comments that reject the notion of a dovish tilt anytime soon indicates that these issues aren’t yet outweighing concerns.
Potential Intraday Resistance Levels:
10/11/22 High of Day: $363.03
Pre-Market High: $361.19
Potential Intraday Support Levels:
10/11/22 Low of Day: $355.71
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.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
PPI-Final 8:30am ET – High Volatility Expected
Atl. Fed Business Inflation 10:00am ET
WASDE Report 12:00pm ET
FOMC Minutes 2:00pm ET – High Volatility Expected
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Michael Barr 1:45pm ET
Neel Kashkari 5:30pm ET
Michelle Bowman 6:30pm 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.