S&P 500 (SPY) Report – 11/11/22
Good morning traders, and Happy Veterans Day!
Thank you to all our Veterans and current service members for your service.
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Inflation has potentially peaked and the markets are going wild. Yesterday, the Dow Jones jumped over 1,200 points and the S&P was up over 5%, making this the biggest rally since April 2020. We advise everyone to trade cautiously today as some profit taking could take place going into the weekend. In the CPI report that came out yesterday, the annual rate of price gains dropped to 7.7% in October from 8.2% in the previous month. This brings inflation numbers down to a level we saw in January this year; before Russia’s invasion of Ukraine sparked a surge in energy prices and everything else with it. Following the release of this important economic data, all the major indices are trading higher as it mitigated some worries about high inflation and a tight labor market.
In the news, some states are still tallying the votes from the midterm elections. Results are still not settled yet, particularly for the Senate. Republicans are likely to control the House of Representatives and a close race continues for the Senate. 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: $398.19
Potential Intraday Support Levels:
EOD VWAP: $390.96
9D EMA (4hr): $392.37
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Consumer Sentiment 10:00am ET
Baker Hughes Rig Count 1:00pm 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.