Good morning traders!
The S&P 500 ($SPY) is trading slightly higher pre-market from yesterday’s close. Let’s get into it…
After a disappointing snapshot of the Consumer Confidence Index report Tuesday, the bears showed their presents with a -2.04% drop in the SPDR S&P 500 ETF. The CCI fell to 98.7 from 103.2 in May, a 4.5 point decrease; worse than what economists predicted (a decline to 100). While the Expectations Index maintained its current downward track, dropping to its lowest point in over a decade, the Present Situation Index remained mostly unchanged. The $SPY also broke below a strong bullish support level around 2:00 Tuesday, and eventually closed making new lows for the day. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Potential Intraday Resistance Levels:
5 and 9D EMA (1Y:1D): $382.30
EOD VWAP: $384.90
Potential Intraday Support Levels:
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.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
GDP 8:30am ET
Corporate Profits 8:30am ET
EIA Petroleum Report 10:30am ET
Fed Speaker Scheduled:
Loretta Mester 6:30am ET
Jerome Powell 9:00am ET
Mary Daly 12:30pm ET
James Bullard 1:05pm ET
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