S&P 500 (SPY) Report – 7/08/22

Good morning traders!

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

The $SPY closed green yesterday, making the holiday-shortened week a four-day winning streak since last Friday. This morning, the US Employment Report data was released and here is what you need to know. The US exceeded job growth expectations in June and the unemployment rate stayed close to pre-pandemic lows, signs of persistent labor market strength give the Federal Reserve ammunition to deliver another 75-basis-point interest rate increase later this month. The economy is getting closer to recovering every job lost during the pandemic thanks to June’s higher-than-expected employment increases. For the fourth consecutive month, the unemployment rate remained at 3.6 percent. With an economy that is close to entering a recession, this is incongruent.

Potential Intraday Resistance Levels:
6/28/22 High of Day: $393.16
7/07/22 High of Day: $389.83
EOD VWAP: $387.98

Potential Intraday Support Levels:
5D EMA (1Y:1D): $384.17
9D EMA (1Y:1D): $383.11
20D SMA (1Y:1D): $382.15

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

Thursday Economic Events:
Employment Report 8:30am ET
Wholesale Inventories 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Consumer Credit 3:00pm ET

Fed Speaker Scheduled:
John Williams 8:30am ET
John Williams 11:00am 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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