Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
There are only two trading days left in 2022, and the markets are on track to have their worst year since 2008. This morning, tech giants such as Apple, Amazon, and Alphabet all clawed higher during pre-market trading, helping lift the broader market after a sell-off over the last few days. Concerns about increasing interest rates and an impending economic recession fueled selling pressure throughout December, putting a kink in the typical year-end rally that generally happens in the final trading days of the year.
“Many factors historically have driven the traditional environment supportive of year-end stock rallies, such as the investing of holiday bonuses, a seasonal optimism among consumers and investors, and tax considerations,” said Greg Bassuk, CEO AXS Investments. “However, with 2022’s dismal stock and bond performance expected to carry into 2023, along with ongoing inflationary concerns, uncertain Fed policy, and lingering geopolitical tensions, investors won’t be receiving any holiday gifts this year for their portfolios.”
In the news this morning, Russia launched more than 100 missiles at Ukraine, hitting the capital Kyiv, along with other cities. Authorities have cut power in the Odesa and Dnipropetrovsk regions of the country in order to protect Ukraine’s energy infrastructure. The latest Russian attack occurred after Vladimir Putin’s administration rejected Ukraine’s peace proposal.
Potential Intraday Resistance Levels:
50D SMA (4hr): $381.96
200D SMA (15min): $380.35
Potential Intraday Support Levels:
EOD VWAP: $378.82
12/28/22 Market Close: $376.66
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
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET – High Volatility Expected
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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