S&P 500 (SPY) Report – 10/28/22
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
There have been many ups and downs throughout the tech earnings season. Although there have been more downs than ups, the ups have been notable. Amazon was the most recent stock to drop, following the release of third-quarter results. Earnings were in line with estimates, however, the cloud computing division underperformed expectations. Shares of Amazon fell 18% after hours. In contrast, that’s still better than Meta, which dropped 25% as the forecast for advertising weakened. The parent company of Facebook can take some comfort in the industry’s terrible performance, as Microsoft, Texas Instruments, Intel, and Alphabet all had a terrible week. 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:
EOD VWAP: $381.33
Pre-Market High: $380.78
10/27/22 Market Close: $379.98
Potential Intraday Support Levels:
9D EMA (1Y:1D): $375.73
200D SMA (1hr): $375.17
10/27/22 After Hours Low: $373.80
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Personal Income and Outlays 8:30am ET – High Volatility Expected
Employment Cost Index 8:30am ET
Consumer Sentiment 10:00am ET
Pending Home Sales 10:00am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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