S&P 500 (SPY) Report – 11/15/22

Good morning traders!

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

This week, major retailers are scheduled to release their quarterly results. On Tuesday, Walmart and Home Depot will take the lead, closely followed by Target, Lowe’s, and Macy’s. The Covid-19 outbreak, which kept buyers at home, combined with high interest rate increases and the highest inflation in four decades made things challenging for retailers. The most difficult thing to figure out is how much of the headwind is caused by having too much inventory and how much is due to decreased demand. Households haven’t gone through a period of inflation like this in a long time, so their response may not be as straightforward as many anticipate. 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.

In the news, Warren Buffett’s company Berkshire Hathaway bought $4.4 billion of Taiwan Semiconductor stock and sold some of its holdings of U.S. Bancorp and Bank of New York. This was done during the third quarter, according to a regulatory filing Monday. Apple and Bank of America are two major holdings of Berkshire, which were kept throughout the time. Berkshire also purchased shares of Occidental Petroleum and Chevron.

Potential Intraday Resistance Levels:
Pre-Market High: $403.54

Potential Intraday Support Levels:
11/14/22 Market Close: $395.12
200D SMA (10min): $397.14

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

Tuesday Economic Events:
PPI-Final 8:30am ET – High Volatility Expected
Empire State Mfg Index 8:30am ET
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Lisa Cook 9:00am ET
Patrick Harker 9:00am ET
Michael Barr 10:00am ET

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