The S&P 500 ($SPY) today is trading higher from yesterday’s close. Let’s get into it…
Since Monday, the SPY has dropped -5.3% and is currently down -21.74%YTD as of yesterday’s close. With such a large drop in the last two trading days, a bounce may be present today or in the coming trading days. When analyzing the SPY on a 1D (1 Day) chart, you can see two large gaps that bulls might try and fill. Gaps are quite common and often do get filled, but with sellers dominating the market, these gaps could take weeks or even months to fill. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, the Federal Open Market Committee (FOMC), a body of members that makes monetary policy decisions, will wrap up their two-day meeting and are likely to announce a rate rise today. William Dudley, the former president of the Federal Reserve Bank of New York, said “My sense is that the Fed has decided to do 75 basis points rather than 50 basis points because of the data we’ve gotten over the last week or so showing higher inflation and maybe some more disturbing news on inflation expectations.” The FOMC Announcement will be at 2:00pm ET.
Potential Intraday Resistance Levels:
6/14/22 High of Day: $377.94
6/13/22 High of Day: $381.81
5D EMA (1Y:1D): $386.78
Potential Intraday Support Levels:
6/14/22 Low of Day: $370.59
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
Retail Sales 8:30am ET
Empire State Mfg Index 8:30am ET
Import and Export Prices 8:30am ET
Business Inventories 10:00am ET
Housing Market Index 10:00am ET
EIA Petroleum Report 10:30am ET
FOMC Announcement 2:00pm ET
Fed Chair Press Conference 2:30pm ET
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