S&P 500 (SPY) Report – 10/17/22
Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
This week, earnings season will pick up and provide investors and traders additional hints about the status of the economy and the outlook for corporate America. On Friday, the big banks in the country started things off. This week will start off similarly with Bank of America and Goldman Sachs. Earnings haven’t been that bad up to this point, and executives don’t seem as worried about the macroeconomic environment as they might have.
Undoubtedly, earnings will be closely watched, as they usually are. But this time, at least in terms of influencing the market mood, they may be more of a sideshow. The Federal Reserve, with its aggressive policy of raising interest rates, is firmly in control on that front. The unanticipated rebound on Thursday, which followed hotter-than-expected inflation statistics, demonstrates that investors are anxious to participate in the buying frenzy when the market bottoms out.
Potential Intraday Resistance Levels:
200D SMA (1hr): $364.60
10/14/22 High of Day: $371.20
Potential Intraday Support Levels:
Market Close: $357.63
After-Hours Low : $356.50
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Empire State Mfg Index 8:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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