Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
The $SPY closed above the 5D and 9D EMA (1Y:1) yesterday, with an impressive 2.42% gain from the low of day. The S&P 500 has traded in a channel for the last three trading days between ~$272.50 and ~$282.00, appearing more bullish when analyzing the chart. If the $SPY breaks out of this channel we will be watching $393 level for a double top, or the starting formation of a head and shoulders pattern. The team at DailyBubble believes the underlying fears in the market are still present, and that sellers are nearby waiting for an opportunity to short the market. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Potential Intraday Resistance Levels:
20D SMA (1Y:1D): $34.91
7/05/22 After-Hours High: $383.38
Potential Intraday Support Levels:
7/05/22 Low of Day: $372.90
EOD VWAP: $377.20
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
Redbook Sales 8:55am ET
PMI Composite Final 9:45am ET
ISM Services Index 10:00am ET
JOLTS 10:00am ET
FOMC Minutes 2:00pm ET
API Crude Oil Report 4:30pm ET
Fed Speaker Scheduled:
John Williams 9:00am 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.