S&P 500 (SPY) Report – 6/08/22

Good morning. 

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

“We now have macroeconomic problems,” Treasury Secretary Yellen testified before the Senate Finance Committee. Yellen stated that “including unacceptable levels of inflation, as well as the headwinds associated with the disruptions caused by the pandemics effect on supply chains and the effects of supply side disturbances to oil and food markets, resulting from Russia’s war in Ukraine. To dampen inflationary pressures without undermining the strength of the labor market, an appropriate budgetary stance is needed to complement monetary policy actions by the Federal Reserve.”

Potential Intraday Resistance Levels:
6/08/22 Close: $414.80
6/08/22 High of Day: $416.22

Potential Intraday Support Levels:
Intraday Support: $410.00
6/08/22 Low of Day: $407.42
6/01/22 Low of Day: $406.93

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
Wholesale Inventories 10:00am ET
EIA petroleum Report 10:30am ET

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