Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
The holidays are almost here, but don’t tune out just yet. Before the Thanksgiving break, investors’ attention will likely be captured by the Federal Reserve minutes that will be released this Wednesday. The markets are eager to analyze the Fed’s discussion on the future course of interest rates, so the minutes will once again be closely examined. Following the Fed’s November meeting, data revealed that U.S. inflation slowed in October to its lowest rate since the year’s beginning. The minutes may alter how markets perceive and respond to forthcoming data.
In the news, investors fear China could bring back Covid restrictions after three people died over the week after contracting the virus. These fears should be taken somewhat lightly as all the individuals were between the ages of 87 and 91, with pre-existing health conditions. However, the number of cases in Beijing increased to several hundred per day, including infections with and without symptoms, and the city tightened Covid regulations before the weekend. 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:
11/18/22 High of Day: $398.09
11/18/22 Resistance: $397.01
Potential Intraday Support Levels:
9D EMA (1hr): $395.60
200D SMA (1hr): $395.23
11/18/22 Low of Day: $392.66
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Redbook Sales 8:55am ET
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Loretta Mester 11:00am ET
Esther George 2:15pm ET
James Bullard 2:45pm ET
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.