Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
The market surged yesterday, as investors may be betting that the worse than anticipated inflation report means price increases will peak soon. “Maybe we get this last gasp higher in inflation and from here we start to decelerate,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. Today, the attention is on big bank earnings, which JPMorgan Chase and Wells Fargo gained after revenue exceeded expectations. Morgan Stanley reported a profit miss, sending shares down more than 2% during premarket trading. Citigroup also reported a miss in third-quarter profits.
In the news, Putin says a direct clash of NATO troops with Russia would lead to a global catastrophe. 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:
10/07/22 Low of Day: $374.47
Potential Intraday Support Levels:
Pre-Market Low : $364.02
5D EMA (1Y:1D): $362.70
9D EMA (1Y:1D): $364.57
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Retail Sales 8:30am ET – High Volatility Expected
Import and Export Prices 8:30am ET
Business Inventories 10:00am ET
Consumer Sentiment 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Lisa Cook 10:30am 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.