S&P 500 (SPY) Report – 6/02/22

Good morning! 

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

In the news, President of the Federal Reserve Bank of San Francisco, Mary Daly, predicts a few 50-basis-point raises at the next Fed sessions, “I see a couple of 50-basis-point hikes immediately in the next couple of meetings to get there. And then we need to look around and see what else is going on.”  Daly also mentioned getting to a neutral rate – a level which neither revs up nor restricts economic growth – which she estimates at 2.5%.

Jamie Dimon, the CEO of JPMorgan Chase, has stated that he is ready for an economic storm.  “You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said, “You’d better brace yourself, JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.” adding, “Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”

Potential Intraday Resistance Levels:
5/31/22 High of Day: $416.24
5/31/22 Intraday Resistance: $412.54

Potential Intraday Support Levels:
6/01/22 Low of Day: $406.93
5 Day EMA (1Y:1D): $407.96
9 Day EMA (1Y:1D): $405.18
20 Day EMA (1Y:1D): $402.45

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

Thursday Economic Events:
Challenger Job Cuts 7:30am ET
ADP Employment Report 8:15am ET
Initial Jobless Claims 8:30am ET
Productivity and Costs 8:30am ET
Factory Orders 10:00am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET


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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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