S&P 500 (SPY) Report – 12/22/22

Good morning traders!

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

Stocks finally caught a break this week with the Dow Jones Industrial Average rising 1.6% yesterday. The S&P 500 and the Nasdaq composite also gained around 1.5%. Yesterday’s rally is under tension, as Micron Technology ($MU) shares declined more than 3% this morning after weaker quarterly earnings; this has caused some selling pressure in chip and technology stocks. Meanwhile, third-quarter GDP came in better than predicted, with growth of 3.2% vs. the 2.9% estimate. Initial jobless claims also increased to 216,000, but falling short of expectations from a jump to 225,000, from 211,000 the previous week. The short term outlook has a bumpy road ahead and we advise everyone to trade cautiously. 

Two more high volatility reports are due on Friday, the last big calendar events before the end of the year. Starting off with the Personal Consumption Expenditure (PCE) price index at 8:30 am, which the Federal Reserve regularly monitors, and New Home sales at 10:00 am. The events may turn out to be good-news-is-bad-news or vice versa. Signs of continued robust consumption can only serve to bolster the Fed’s higher-for-longer interest-rate policy.

Potential Intraday Resistance Levels:
50D SMA (4hr) $389.68
12/21/22 Market Close: $386.23

Potential Intraday Support Levels:
12/20/22 High of Day: $382.23

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

Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Chicago Fed Activity Index 8:30am ET
Corporate Profits 8:30am ET
Leading Indicators 10:00am ET
EIA Natural Gas Report 10:30am ET
KC Fed Mfg Index 11:00am 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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