Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
The market is trading cautiously higher this morning as several anticipated events are scheduled for this week. The Consumer Price Index (CPI) for November will be released on Tuesday, and investors and traders will be looking for any indications of a slowdown in inflation. On the same day, the Federal Reserve will also begin a two-day meeting. A smaller increase than in recent months is anticipated by traders with the central bank announcing another rate hike on Wednesday. In addition to the rate hike decision, the Fed’s updated economic projections and Fed Chair Jerome Powell’s press conference could indicate key signals for what the central bank wants to do in the coming months. 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:
9D EMA (1Y:1D): $397.09
50D SMA (1hr): $395.35
Potential Intraday Support Levels:
Mid-Pivot Point: $392.70
200D SMA (4hr): $392.12
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Treasury Statement 2:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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