The S&P 500 ($SPY) started trading higher before selling back down below yesterday’s close. Let’s get into it…
SPY has been in a trading channel for 8 days with a range between $406.93 and $417.44, waiting to pick a direction. The market has been peddling along on below average volume, leaving traders and investors wondering if this is just a bear bounce.
In the news, US Treasury Secretary Janet Yellen stated that inflation will not be a ten-year issue for the US. “I see no way in which inflation is a decade-long…matter.” According to Yellen, the U.S. Ways and Means Committee of the House of Representatives Yellen, indicated that recent inflation readings exceeding 8% were “unacceptable” for the US and that a 2% inflation objective is an “appropriate target” for the Fed. When asked if the $1.9 trillion COVID-19 rescue package dubbed as the American Rescue Plan was the source of excessive inflation, Yellen responded with, “That spending produced excellent rewards for Americans and at most it contributed modestly to inflation.”
Potential Intraday Resistance Levels:
6/02/22 High of Day: $417.44
6/09/22 EOD VWAP: $412.64
5 Day EMA (1Y:1D): $412.22
9 Day EMA (1Y:1D): $410.47
Potential Intraday Support Levels:
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.
Thursday Economic Events:
Initial Jobless Claims 8:30am ET
EIA Natural Gas Report 10:30am ET
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