S&P 500 (SPY) Report – 12/08/22

Good morning traders!

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

Tuesday’s barrage of pessimistic statements from Wall Street leaders added to the already dismal mood for the markets this week. Several figures voiced worries about the impact of inflation and high interest rates on American consumers. In anticipation of the Federal Reserve’s final rate-setting meeting of the year, investors and traders are awaiting new economic data. Later this week, readings on consumer confidence, producer price inflation, and weekly jobless claims are scheduled. The most important data report for clues on the Fed’s next decision is the Consumer Price Index which will be released Tuesday, December 13th, the same day U.S. central bank officials kick off their last two-day rate-setting meeting of 2022.

In the news, Russian President Vladimir Putin stated that the threat of nuclear war is increasing. “In terms of the threat of nuclear war, you are right: Such threat is increasing,” Putin said “As for the idea that Russia wouldn’t use such weapons first under any circumstances, then it means we wouldn’t be able to be the second to use them either — because the possibility to do so in case of an attack on our territory would be very limited,” Putin added, “Nevertheless, we have a strategy. Namely, as a defense, we consider weapons of mass destruction, nuclear weapons — it is all based around the so-called retaliatory strike — that is, when we are struck, we strike in response.” Putin stated, “We have them, and they are more advanced and state-of-the-art than what any other nuclear power has.” 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:
200D SMA (1hr): $399.76
20D SMA (1Y:1D): $397.28
Pre-Market High: $396.57

Potential Intraday Support Levels:
EOD VWAP: $393.42
200D SMA (15min): $394.24

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

Thursday Economic Events:
Initial Jobless Claims 8:30am ET – High Volatility Expected
Quarterly Services 10:00am ET
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled


DailyBubble’s Disclaimer
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.

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