S&P 500 (SPY) Report – 7/07/22

Good morning traders!

The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…

The $SPY was quite volatile yesterday, as a few economic events were scheduled for the day. Early in the trading session the 20D SMA (1Y:1D) showed its resistance, but the market eventually broke above the moving average before the market closed. The team at DailyBubble is watching $393 level for a double top, or maybe the starting formation of a head and shoulders pattern like we mentioned yesterday. The Federal Open Market Committee’s June meeting minutes, which were made public on Wednesday, indicate that inflation continues to be the central bank’s top goal. Given recent raised predictions of a U.S. recession, the Fed’s tone on the economy was comparatively bullish. The Fed reaffirmed its prior commitment to doing whatever is necessary to lower inflation. We advise everyone to size down, and trade with caution as the market could go either direction very quickly. 

Potential Intraday Resistance Levels:
7/06/22 High of Day: $385.87

Potential Intraday Support Levels:
20D SMA (1Y:1D): $383.48
EOD VWAP: $382.49

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

Thursday Economic Events:
Challenger Job Cut 7:30am ET
International Trade in Goods 8:30am ET
Initial Jobless Claims 8:30am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET

Fed Speaker Scheduled:
James Bullard 1:00pm ET
Chris Waller 1:00pm ET


DailyBubble’s Disclaimer
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.

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