S&P 500 (SPY) Report – 6/01/22

Good morning! 

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

In the news, President Joe Biden met with US Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell. “My plan to address inflation starts with a simple proposition: Respect the Fed, respect the Fed’s independence,” Biden said. According to White House economic advisor Brian Deese, “We have run this first leg of the race at a very rapid clip that has put us in a strong position relative to our peers, but this is a marathon and we have to move and shift to stable, resilient growth”.

In an interview Secretary Yellen said, “I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t at the time fully understand”. 

Potential Intraday Resistance Levels:
5/31/22 High of Day: $416.46
5/31/22 Intraday Resistance: $415

Potential Intraday Support Levels:
5/31/22 Intraday Support: $412
5/31/22 Intraday Support: $410

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

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Redbook Sales 8:55am ET
PMI Mfg Final 9:45am ET
ISM MFG Index 10:00am ET
Construction Spending 10:00am ET
JOLTS 10:00am ET
Beige Book 2:00pm ET
API Crude Oil Data 4:30pm ET

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