Good morning traders!
The S&P 500 ($SPY) is trading slightly higher pre-market from yesterday’s close. Let’s get into it…
When analyzing the $SPY on a 4hr time frame chart, a wedge chart formation can be spotted in the making over the last few trading days. A wedge pattern can signal either bullish or bearish price reversals. Due to the large number of sellers in the market, the team at DailyBubble believes this to be a falling wedge, as the underlying fears of increased inflation, rising interest rates, armed war in Ukraine, recession fears, and stock market losses are still present. The market also closed yesterday with 862M to the sell-side. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Jerome Powell’s second day of testimony to Congress will start at 10:00am today. Powell acknowledged yesterday that a recession might be brought on by higher interest rates in his semi-annual report on monetary policy.
Also in the news, CEOs of seven major oil companies prepare to see US President Biden at the White House. Oil fluctuated but remained above $105 a barrel.
Potential Intraday Resistance Levels:
9D EMA (1Y:1D): $379.40
6/22/22 High of Day: 378.72
6/23/22 Pre-Market High: 377.85
Potential Intraday Support Levels:
6/22/22 Market Open: $370.62
6/22/22 After-Hours Low: 372.07
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
Current Accounts 8:30am ET
PMI Composite Flash 9:45am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET
KC Fed Mfg Index 11:00am ET
Fed Speaker Scheduled:
Jerome Powell 10:00am 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.