Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
All eyes will be on Fed Chair Jerome Powell today, as he will give a speech this afternoon. This will be the last speech before the Fed’s next rate hike decision in mid December. According to Andrew Tyler, head of US Market Intelligence at J.P. Morgan, “investors are wavering between preparing for a repeat of Jackson Hole and hearing Powell echo the views from past Fedspeak.” It is anticipated that Powell will suggest that the Fed is on track to somewhat lighten up on its rate of monetary policy tightening, and likely to step down to a 50-basis-point rise soon, as it works to fulfill its dual mandate of price stability and maximum sustained employment.
Meanwhile, investors and traders are digesting new economic data such as the ADP employment report that showed private companies added 127,000 jobs in November, below expectations of 200,000. “Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said Nela Richardson, chief economist at ADP. Richardson also noted that companies are no longer in hyper-replacement mode. Since the post-pandemic recovery is stabilizing, fewer people are quitting.
Potential Intraday Resistance Levels:
11/29/22 High of Day: $397.30
50D SMA (1hr): $396.42
Potential Intraday Support Levels:
11/29/22 Low of Day: $393.30
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
ADP Employment Report 8:15am ET – High Volatility Expected
GDP 8:30am ET – High Volatility Expected
Int. Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET – High Volatility Expected
Chicago PMI 9:45am ET
JOLTS 10:00am ET – High Volatility Expected
Pending Home Sales 10:00am ET – High Volatility Expected
Fed Speaker Scheduled:
Michelle Bowman 8:50am ET
Lisa Cook 12:35pm ET
Michelle Bowman 12:35pm ET
Jerome Powell 1:30pm ET – High Volatility Expected
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