Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
The market is trading lower today, after disappointing third-quarter results from Alphabet and weak revenue guidance from Microsoft, a gloomy beginning to Big Tech earnings this week. The major indices had been climbing higher over the previous three days, so today the market may see some profit-taking. Meta Platforms will release their earnings at the end of the trading session today, and tomorrow, Amazon and Apple will report theirs.
In the news, Russian Foreign Minister Shoigu stated that nuclear drills are being conducted to prepare for a potential enemy nuclear attack against Russia. Putin claimed that we are aware of Ukraine’s plans to use a dirty bomb. 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:
Pre-Market High: $383.22
10/25/22 Market Close: $384.92
Potential Intraday Support Levels:
10/25/22 Market Open: $378.71
50D SMA (1hr): $380.24
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
International Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET
New Home Sales 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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