The S&P 500 ($SPY) is trading higher from Friday’s close. Let’s get into it…
The S&P 500 is in bear market territory, having dropped more than 20% from recent highs. After a brutal week in the financial markets, analysts and traders might think the market is a little oversold and looking for a potential rally in the near term. With these rallies, the team at DailyBubble thinks the first signs of exhaustion will be used as a shorting opportunity as the underlying fears of increased inflation, rising interest rates, armed war in Ukraine, recession fears, and stock market losses are still present. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Potential Intraday Resistance Levels:
5D EMA (1Y:1D): $374.21
9D EMA (1Y:1D): $382.05
Potential Intraday Support Levels:
6/17/22 Low of Day: $362.17
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Chicago Fed Activity Index 8:30am ET
Philly Fed Non-Mfg Survey 8:30am ET
Existing Home Sales 10:00am ET
Fed Speaker Scheduled:
Thomas Barkin 11:00am ET
Loretta Mester 12:00pm ET
Thomas Barkin 3:30pm 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.