S&P 500 (SPY) Report – 10/21/22
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
This past week, the market was all over the place with rising interest rates battling it out with strong earnings reports. The QoQ GDP data, which will be announced next Thursday at 8:30am, is the headline event that the market is awaiting to determine its next course. Today, European markets decline as the political uncertainty in the UK continues. 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.
In the news, Federal Reserve President Patrick Harker said additional interest rate increases will be required given the lack of success in reducing inflation. “We are going to keep raising rates for a while,” Harker said, “Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4% by the end of the year.” adding a stop to rate hikes will most likely be next year while the current monetary policy makes its way through the economy, “Sometime next year, we are going to stop hiking rates. At that point, I think we should hold at a restrictive rate for a while to let monetary policy do its work,” he said. “It will take a while for the higher cost of capital to work its way through the economy. After that, if we have to, we can tighten further, based on the data.”
Potential Intraday Resistance Levels:
EOD VWAP:$367.82
50D SMA (1hr): $366.67
Potential Intraday Support Levels:
Pre-Market Low: $362.20
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
John Williams 9:10am ET
Mary Daly 11:30am ET
DailyBubble’s Disclaimer
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.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you. https://accounts.binance.com/ar-BH/register?ref=V2H9AFPY
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me. https://accounts.binance.com/uk-UA/register?ref=T7KCZASX