Good morning traders, we hope everyone enjoyed the long weekend!
The S&P 500 ($SPY) is trading lower from Friday’s close. Let’s get into it…
Heading into Q3, the bearish sentiment for stocks is expected to continue. While the US CPI is at 8.6%, consumer prices in Europe and other parts of the world are also at a historic high. As the cost of living problem takes hold, momentum will probably continue to be weak, especially as central banks aggressively tighten monetary policy, fueling recession worries. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, President Joe Biden and his administration may propose a reduction in US tariffs on Chinese imports and products. Last month, Biden stated that he will speak with Xi Jinping, the president of China, “soon.” No decision has been made on the tariffs, according to a White House spokeswoman, but the administration wants the choice to be in accordance with “economic and strategic” interests.
Potential Intraday Resistance Levels:
9D EMA (1Y:1D): $381.05
5D EMA (1Y:1D): $380.50
7/01/22 Market Close: $381.24
EOD VWAP: $378.13
Potential Intraday Support Levels:
7/01/22 Low of Day: $373.80
6/30/22 Low of Day: $372.56
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Factory Orders 10:00am ET
Investor Movement Index 12:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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