S&P 500 (SPY) Report – 11/28/22

Good morning traders!

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

Being a Monday following the holiday break, size down as the market volume might not return until mid-week. Typically, in low-volume markets, stocks are easily manipulated and can turn against you very quickly. Not a whole lot of economic news this morning, we should see more headlines trickle in as the week unfolds.

In the news, the sale of communications equipment produced by Chinese companies, Huawei and ZTE, is prohibited in the US due to “unacceptable risk” to national security. “The FCC is committed to protecting our national security by ensuring that untrustworthy communications equipment is not authorized for use within our borders, and we are continuing that work here,” said Jessica Rosenworcel, FCC Chairwoman.

Potential Intraday Resistance Levels:
11/15/22 High of Day: $403.54
50D SMA (30min): $400.09

Potential Intraday Support Levels:
Pre-Market Low: $398.31

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

Monday Economic Events:
Dallas Fed Mfg Index 10:30am ET

Fed Speaker Scheduled:
John Williams 12:00pm ET
James Bullard 12:00pm ET

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