Good morning traders!
The S&P 500 ($SPY) is trading slightly higher pre-market from yesterday’s close. Let’s get into it…
Following a strong bull run last week and a 3.18% gain on Friday for the $SPY, the market only closed down -0.38% yesterday. This could mean the market can trend higher and is consolidating, but the market is currently waiting on some important economic events to release before picking a direction. The main events traders and investors will be watching is the Consumer Confidence report that will be released at 10:00am today, and the US GDP reports that will be released at 8:30am tomorrow. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, Biden announced an extension of U.S. troop presence in Poland. Also, some adjustments have been made to American deployments in a number of Baltic countries that Biden authorized prior to Russia’s invasion of Ukraine. The shifting U.S. force footprint may have an impact on nations like Lithuania, Latvia, and Estonia.
Potential Intraday Resistance Levels:
20D SMA (1Y:1D): $393.12
6/24/22 Low of Day: $401.44
6/27/22 Market Open: $391.05
Potential Intraday Support Levels:
6/27/22 Low of Day: $387.44
6/27/22 Market Close: $388.59
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Int. Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET
Redbook Sales 8:55am ET
CaseShiller HPI 9:00am ET
FHFA HPI 9:00am ET
Consumer Confidence 10:00am ET
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Thomas Barkin 8:00am ET
Mary Daly 12:30pm 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.