S&P 500 (SPY) Report – 6/27/22

Good morning traders!

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

After an impressive bull run last week, and a 3.18% increase on the $SPY on Friday; investors and traders are still treading with caution as underlying fears in the market are still present. Currently the $SPY is still trading below the 20, 50, 100 and 200 day simple moving averages, while trading above the 5, and 9 day exponential moving averages. When comparing the $SPY to March of 2020 (height of the COVID19 fears), the market is comparatively trading on average volume currently. This leads us to believe that the storm is not over yet when analyzing the market volume, as the highest volume days are when shorts push the market down as much as possible, before buying back their securities. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.

In the news, trade negotiations between Taiwan and the US will take place today. Negotiator for Taiwan John Deng will meet with Trade Representative Sarah Bianchi. Taiwan is a major semiconductor manufacturer.

Potential Intraday Resistance Levels:
20D SMA (1Y:1D): $393.96

Potential Intraday Support Levels:
6/24/22 Market Open: $381.40

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

Monday Economic Events:
Durable Goods Orders 8:30am ET
Pending Home Sales 10:00am ET
Dallas Fed Mfg Survey 10:30am ET
EIA Petroleum Report(Prev) 10:30am ET

Fed Speaker Scheduled:
John Williams 6:30pm ET

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