S&P 500 (SPY) Report – 11/02/22

Good morning traders! 

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

The Federal Open Market Committee (FOMC), a panel of members that takes action on monetary policy, will give their decision on a rate hike today at 2:00 pm. This will be followed by remarks from Fed Chair Jerome Powel after the decision. Investors are eager for signals that the Fed would moderate the pace of rate rises in the months to come, but a fourth consecutive 0.75 percentage point hike is likely at today’s meeting. The Fed’s message on rate hikes will determine where stocks go next in the near term, but the long term outlook is still unknown. 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:
11/01/22 High of Day: $390.73
EOD VWAP: $385.55

Potential Intraday Support Levels:
50D SMA (4hr): $382.30
200D SMA (1hr): $381.53

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
ADP Employment Report 8:15am ET – High Volatility Expected
Treasury Refunding Announce 8:30am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
FOMC Announcement 2:00pm ET – High Volatility Expected
Fed Chair Press Conference 2:30pm ET – High Volatility Expected

Fed Speaker Scheduled:
No Fed Speakers Scheduled

 

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.

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