Good morning traders!
The S&P 500 ($SPY) is trading below Friday’s close. Let’s get into it…
This week, the S&P ISM manufacturing index and the manufacturing purchasing managers’ index (PMI) are expected to be released, giving traders another peek into the state of the American economy. Numerous employment statistics, such as the ADP employment report, job vacancies, and nonfarm payrolls, are also scheduled to be released. The Federal Open Market Committee (FOMC) will release its most recent statement on Wednesday, which will be a significant Fed update. The analysts at Goldman Sachs released their prediction ahead of the upcoming FOMC sessions, predicting that the federal funds rate might rise as high as 5% by 2023. “A fourth 75bp increase is expected by the FOMC at its November meeting, bringing the target range for the fed funds rate up to 3.75-4%.
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:
10/28/22 After Hours: $390.28
10/28/22 Market Close: $389.02
Potential Intraday Support Levels:
EOD VWAP: $386.02
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Chicago PMI 9:45am ET
Dallas Fed Mfg. Survey 10:30am ET
Farm Prices 3:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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