S&P 500 (SPY) Report – 6/06/22

Good morning. 

The S&P 500 ($SPY) is trading higher pre-market today. Let’s get into it…

In the news, according to Morgan Stanley co-President Ted Pick, the market is about to enter a new age and paradigm shift. “It’s an extraordinary moment; we have our first pandemic in 100 years. We have our first invasion in Europe in 75 years. And we have our first inflation around the world in 40 years,” Pick said. “When you look at the combination, the intersection of the pandemic, of the war, of the inflation, it signals paradigm shift, the end of 15 years of financial repression and the next era to come.”

According to the Bureau of Labor Statistics, total nonfarm payroll employment increased by 390,000 in May, keeping the unemployment rate at 3.6 percent.

President Vladimir Putin has warned the US that if it supplies Ukraine with longer-range missiles, Russia would strike new targets. Last week, President Joe Biden announced that the United States will provide Ukraine with M142 High Mobility Artillery Rocket Systems, or HIMARS. Ukraine declared that the HIMARS would not be used to strike Russia.

Potential Intraday Resistance Levels:
5/31/22 High of Day: $416.46
6/02/22 High of Day: $417.44
5/30/22 After-Hours: $417.87
6/02/22 After-Hours: $418.60
Round Number: $420.00

Potential Intraday Support Levels:
Intraday Support: $410.00
Previous EOD VWAP: $411.41

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

Monday Economic Events:
Investor Movement Index 12:30pm ET

 

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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