S&P 500 (SPY) Report – 10/18/22

Good morning traders! 

The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…

Stock futures rose sharply this morning, with strong earnings reports adding fuel to a rally that began yesterday. Shares of Goldman Sachs rose more than 2%, with the investment bank beating expectations for earnings and revenue. Bank of America and Bank of New York Mellon reported earnings on Monday, also beating expectations. The U.S. markets have just reached their year-lows due to fears of a recession and excessively aggressive central banks, but the strong start to earnings season may indicate that the economy is now doing better than anticipated.

Potential Intraday Resistance Levels:
10/05/22 High of Day: $379.77
200D SMA (4hr): $377.96

Potential Intraday Support Levels:
10/14/22 Pre-Market High : $371.20
20D SMA (1Y:1D): $367.19

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Tuesday Economic Events:
Redbook Sales 8:55am ET
Industrial Production 9:15am ET
NAHB Housing Market Index 10:00am ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Raphael Bostic 2:00pm ET
Neel Kashkari 5:30pm ET

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