Good morning traders!
The S&P 500 ($SPY) is trading near Friday’s close. Let’s get into it…
Last week, the Federal Reserve raised short-term interest rates by 50 basis points and predicted higher-for-longer rates. Fears of a recession grew when the central bank raised its prediction for future rises above earlier expectations, saying it now expected rates to rise to 5.1%. The SPY broke below an important support level of $390 following the recent Fed decision. Investors will also be looking for a few earnings reports that are expected later this week. FedEx and Nike are also expected to announce earnings after the market closes on Tuesday. As recession worries rise, earnings results will become more of a focus.
The markets may recoup some of Friday’s losses, but the macro overview for the end of the year remains gloomy. 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:
8/16/22 High of Day: $386.58
50D SMA (1hr): $385.72
Potential Intraday Support Levels:
8/16/22 Low of Day: $381.04
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Housing Market Index 10:00am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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.