S&P 500 (SPY) Report – 11/17/22
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
The markets are trading lower today as Federal Reserve officials indicate that interest rate rises to control inflation are far from over. St. Louis Federal Reserve President James Bullard spoke and said “Inflation remains unacceptably high, well in excess of the Federal Open Market Committee (FOMC) target of 2%.” – During 2022, the FOMC has been moving toward policy settings that will put meaningful downward pressure on inflation in order to return inflation to the 2% target.”
Federal Reserve Christopher Waller also gave his remarks, “There is no secret about why—inflation is very high, something people are reminded of every day when they see the prices of things they buy go up. On top of that, higher interest rates are raising borrowing costs for businesses and households.” Waller added economic slowing is necessary to bring inflation down and the Fed’s action on monetary policy is taking effect, “Economic growth in the United States has slowed significantly in 2022, and I expect that slow growth to continue into next year.”
In the news, Republicans regained control of the House of Representatives on Wednesday. It was a closer-than-expected win, with Washington returning to an era of a divided government. 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.
Potential Intraday Resistance Levels:
11/16/22 Market Close: $395.45
50D SMA (10min): $394.59
Potential Intraday Support Levels:
50D SMA (4hr) – Pre Market Lows: $390.30
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:
Housing Starts and Permits 8:30am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET – High Volatility Expected
Philly Fed Mfg Index 8:30am ET – High Volatility Expected
EIA natural Gas Report 10:30am ET
Fed Speaker Scheduled:
Raphael Bostic 7:30am ET
James Bullard 8:00am ET
Michelle Bowman 9:15am ET
Loretta Mester 9:40am ET
Neel Kashkari 10:40am ET
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