S&P 500 (SPY) Report – 12/13/22

Good morning traders!

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

Markets spike this morning following lighter than expected November CPI data. According to the report released by the Labor Department this Tuesday, the consumer price index increased by 0.1% from the previous month and 7.1% from a year ago. This is better than expected results from the predictions made by the Dow Jones economist survey, which called for a monthly increase of 0.3% and an annual rate of 7.3%. Core CPI, which excludes volatile food and energy prices, increased 0.2% on a monthly basis and 6% annually, beating the forecasts of 0.3% and 6.1%, respectively. The Federal Reserve’s anticipated decision to raise interest rates again at the end of its two-day policy meeting on Wednesday may be heavily influenced by the inflation report released today.

In the news, the Keystone Pipeline remains shut pushing oil prices up. Following the discovery of a leak in Kansas, the Keystone Pipeline, which transports more than 600,000 barrels daily from Canada into the U.S. hub at Cushing, Oklahoma, has been shut down since last week. Separately, on Friday, Russian President Vladimir Putin suggested that the nation’s oil output might be reduced. The remarks followed the Organization of Petroleum Exporting Countries’ decision to maintain quotas at its meeting at the beginning of the month and the Group of Seven nations’ implementation of a $60 price cap on Russian exports.

Potential Intraday Resistance Levels:
Pre-Market High: $414.10

Potential Intraday Support Levels:
9D EMA (15min): $406.08
200D SMA (1Y:1D): 402.49

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

Tuesday Economic Events:
NFIB Small Bus. Optimism Index 6:00am ET
CPI 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
FOMC Meeting Begins

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.