The S&P 500 ($SPY) today is trading lower pre-market from Friday’s close. Let’s get into it…
After an 8 day trading channel between May 27th and June 8th, the market finally decided to break down Thursday, making slightly new year-to-date (YTD) lows pre-market today. The SPY is currently -10.35% (YTD) today and –8.15 (YTD) as of Friday. We advise everyone to size down, and trade with caution.
The Consumer Price Index (CPI) report is a measure of the average change in prices paid by urban consumers for a market basket of goods and services across time. The report was released in a statement on Friday, “The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.6 percent before seasonal adjustment.” Inflation has reached a new four-decade high, with the highest yearly increase since December 1981.
Potential Intraday Resistance Levels:
6/10/22 EOD VWAP: $391.83
Potential Intraday Support Levels:
6/13/22 Pre-Market Low: $379.81
5/20/22 Low of Day: $380.54
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
No events scheduled.
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