S&P 500 (SPY) Report – 11/03/22

Good morning traders! 

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

Stocks are trading lower today as investors and traders digest the Fed’s mixed messages. The Federal Open Market Committee (FOMC), said yesterday that interest rates will be increased by 75 basis points to 4.00%. Jerome Powell, the chairman of the Federal Reserve, noted that interest rates may need to rise more quickly than initially anticipated, which caused the markets to sell off. The Committee believes that continued rises in the target range will be necessary to achieve a monetary policy stance that is sufficiently restrictive to eventually bring inflation back to 2%. 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:
11/02/22 Market Close: $374.87
20D SMA (1Y:1D): $372.02

Potential Intraday Support Levels:

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Thursday Economic Events:
Challenger Job Cut 7:30am ET
Int. Trade in Goods and Services 8:30am ET
Initial Jobless Claims 8:30am ET – High Volatility Expected
Productivity and Costs 8:30am ET
PMI Composite Final 9:45am ET
Factory Orders 10:00am ET
ISM Services Index 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

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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