S&P 500 (SPY) Report – 11/16/22

Good morning traders!

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

All eyes are on Target this morning, as the stock plunged 15% during pre-market trading. The firm was under pressure from a slowdown in customer spending on discretionary goods, as well as store looting that decreased the company’s gross profit margin by $400 million this year. Furthermore, a missile strike in Poland by a Russian-made missile reignited concerns of Russia’s war in Ukraine this morning. The U.S. dollar lost some ground while oil increased marginally. 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 present.

In the news, Raphael Bostic, President of the Atlanta Federal Reserve, stated that the Fed’s monetary policy actions have not yet penetrated the economy sufficiently to have a significant impact on inflation. “Tighter money has not yet constrained business activity enough to seriously dent inflation,” Bostic said, “I anticipate that more rate hikes will be needed” to get policy sufficiently restrictive to return inflation to the Fed’s 2% target. Interest rate hikes may take months before the full impact and “we must look to economic signals other than inflation as guideposts along our path,” Bostic noted.

Potential Intraday Resistance Levels:
11/15/22 Market Close: $398.49

Potential Intraday Support Levels:
200D SMA (30min): $396.31
11/15/22 Low of Day: $394.49

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
Retail Sales 8:30am ET – High Volatility Expected
Import and Export Prices 8:30am ET
Industrial Production 9:15am ET
Business Inventories 10:00am ET
Housing Market Index 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected

Fed Speaker Scheduled:
John Williams 9:50am ET
Michael Barr 10:00Am ET
Christopher Waller 2:35pm ET

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