S&P 500 (SPY) Report – 6/24/22

Good morning traders!

The S&P 500 ($SPY) is trading slightly higher pre-market from yesterday’s close. Let’s get into it…

The $SPY showed a whipsaw of price action yesterday, eventually breaking out of the wedge formation mentioned in yesterday’s report. After a brutal past few weeks in the financial markets, a rally was bound to happen as the markets were oversold in oversold territory. The team at DailyBubble believes that the underlying fears in the market are still present, and this may only be a bear bounce. It’s hard to tell where selling might occur but here is what we are watching. 

A double top formation might occur around $383.90, that would be the high of day on 6/15. The $SPY also shows two very large daily (1D) price gaps, between 6/9 – 6/10, and 6/10 – 6/13; gaps are quite common and often do get filled, but with sellers dominating the market, these gaps may or may not filled in the short term. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.

Potential Intraday Resistance Levels:
6/15/22 High of Day: $383.90

Potential Intraday Support Levels:
5D EMA (1Y:1D): $375.66
6/23/22 High of Day: $378.83
6/23/22 Market Close: $378.06

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Friday Economic Events:
New Home Sales 10:00am ET
Consumer Sentiment 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
James Bullard 7:30am ET
Mary Daly 4:00pm ET

 

DailyBubble’s Disclaimer
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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