Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
The highly anticipated CPI data release is on today’s agenda. The Consumer Price Index (CPI), is a gauge of the typical change over time in the prices paid by urban consumers. In the CPI data released this morning at 8:30am, the government reported that prices were up “just” 7.7% over the past 12 months. Although it is still uncomfortably high, that is a decrease from the 8.2% in September and significantly less than the 8% projections. All the major indices following this key economic data are trading higher, as this alleviated some concerns of high inflation and a tight labor market.
In the news, the midterm ballots are still being counted for a few states. It may take a few days, or even weeks, for the markets to cool down after the results of the elections. 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:
Pre-Market High: $387.07
100D SMA (1Y:1D): $389.06
Potential Intraday Support Levels:
11/08/22 High of Day: $385.12
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Thursday Economic Events:
CPI 8:30am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET
EIA natural Gas Report 10:30am ET
Treasury Statement 2:00pm ET
Fed Speaker Scheduled:
Patrick Harker 9:00am ET
Lorie Logan 9:35am ET
Mary Daly 11:00am ET
Loretta Mester 12:30pm ET
Esther George 1:30pm ET
John Williams 6:35pm ET
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.