S&P 500 (SPY) Report – 11/04/22

Good morning traders! 

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

The markets are trading higher this morning, after equities experienced a four-day sell-off. As for the recent employment numbers that were released this morning, the Initial Jobless Claims report met expectations of 217k. Furthermore, average hourly earnings exceeded expectations, and the unemployment rate increased to 3.7% as participation fell slightly. “The broader picture is of an overheated labor market where demand substantially exceeds supply,” Powell told reporters. Powell also mentioned that  “We keep looking for signs that sort of the beginning of a gradual softening is happening and maybe that’s there, but it’s not obvious to me because wages aren’t coming down, they’re just moving sideways at an elevated level.”

Also in the news, there are speculations that China might begin to relax its Covid regulations. 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:
5D EMA (1Y:1D): $377.59
9D EMA (1Y:1D): $377.93

Potential Intraday Support Levels:
Mid Pivot Point: $372.47
EOD VWAP: $371.97

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

Friday Economic Events:
Employment Report 8:30am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET 

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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