Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Over the past week, it appears the stock market may be putting forth another leg up. The S&P 500 ETF bounced off the 50D SMA on a 4-hour chart, as well as the 9D EMA on a daily chart. There is support at these levels, but if violated, the recent jump could be a false breakout. As of right now, it is too early to tell as the bulls and bears fight for who’s in control. Another indicator to watch is if the SPY continues up to the 200D SMA on a daily chart. All eyes will be on the S&P if it breaks above that moving average, along with the long-term bear trend established over the past year. 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:
11/15/22 High of Day: $403.54
11/14/22 High of Day: $400.17
Potential Intraday Support Levels:
11/17/22 Market Close: $394.24
200D SMA (30min): $396.55
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Existing Home Sales 10:00am ET – High Volatility Expected
Leading Indicators 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Susan Collins 8:40am ET
Raphael Bostic 1:45pm E
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