S&P 500 (SPY) Report – 6/10/22
Good morning and happy Friday!
The S&P 500 ($SPY) is trading lower pre-market from yesterday’s close. Let’s get into it…
After an 8 day trading channel between $406.93 and $417.44 on the SPY, the market finally decided to break down, closing at $401.44 yesterday. This leaves traders and investors with the tricky decision of, where is a true support level? The coming week will tell if the market will put in a higher low, a double bottom around $380, or continue making news lows. We advise everyone to size down, and trade with caution.
In the news, Sarah House, senior economist at Wells Fargo said the Fed is not getting closer to price stability, does not expect oil prices to have peaked, and therefore does not expect inflation has either. “That’s what changed our view over the last few weeks. We’ve seen gasoline hit record levels. And naturally what’s prevented the peak from being behind us is what’s coming out of the energy sector,” adding, “The May CPI is likely to show the Fed is not getting any closer to price stability, and is in fact a little further away,” said House.
In May, the central bank hiked rates by 50 basis points, and it is anticipated to do so again in June. Inflation is now at 8.3%.
Potential Intraday Resistance Levels:
6/09/22 EOD VWAP: $406.71
5 Day EMA (1Y:1D): $406.69
9 Day EMA (1Y:1D): $408.65
Round Number: $400.00
Potential Intraday Support Levels:
5/25/22 Low of Day: $391.89
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
CPI 8:30am ET
Consumer Sentiment 10:00am ET
WASDE Report 12:00pm ET
Baker Hughes Rig Count 1:00pm ET
Treasury Statement 2:00pm ET
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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