S&P 500 (SPY) Report – 11/09/22

Good morning traders! 

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

It may take a few days, or even weeks, for the markets to cool down after the results of the midterm elections. The outcome of the elections will determine who will control the U.S. House of Representatives and the U.S. Senate. As ballots are counted and the final results are announced, the elections may cause some unanticipated volatility in the market. The overall picture indicates that the United States will most likely have a split government for the next two years. Historically, that has been good for stocks.

Beyond the elections, traders and investors are looking at what is already known. Currently, more than 90% of earnings have already been reported for the S&P 500 index. As consumers adjust to inflation and increasing interest rates, earnings expectations for the upcoming year are declining and could decline even more. 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:
11/08/22 High of Day: $385.12

Potential Intraday Support Levels:
11/08/22 Low of Day: $377.72
EOD VWAP: $382.05

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
Wholesale Inventories 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected

Fed Speaker Scheduled:
John Williams 4:00am ET
Tom Barkin 11:00pm ET

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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.