Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Markets are trading lower this morning as investors and traders brace for the last trading day of 2022. It’s been an extremely volatile year for the markets, with high inflation and aggressive Fed rate rises, along with other economic variables such as the Russia Ukraine war, and Chinese lockdowns; we are happy to see 2022 go over. Furthermore, there are still a lot of questions as we head into the near year. As of right now, the team at DailyBubble believes the markets are stuck in neutral, with a lot riding on upcoming earnings. The Fed is also scheduled to meet at the beginning of the year on January 31st – February 1st, another highly anticipated event in determining the future direction of the economy.
In the news, President Joe Biden signs a $1.66 trillion bill to finance the United States government through the end of the fiscal year in September 2023. The package comprises $772.5 billion for non-defense discretionary programs, $858 billion for defense, and $44.9 billion for military, humanitarian, and economic assistance to Ukraine. “Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding – and get crucial assistance to Ukraine.” Biden wrote.
Potential Intraday Resistance Levels:
12/29/22 Market Close: $383.39
50D SMA (4hr): $381.84
Potential Intraday Support Levels:
50D SMA (1hr): $380.35
12/29/22 Market Open: $379.63
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Chicago PMI 9:45am ET
Baker Hughes Rig Count 1:00pm ET
Farm Prices 3:00pm 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.