Good morning traders!
The S&P 500 ($SPY) is trading lower from Friday’s close. Let’s get into it…
In the news, Beijing issued strict regulations this weekend in a number of cities in an effort to combat the appearance of the infectious BA.5 Omicron sub-variant. More than a quarter of the world’s manufacturing comes from China, so any closure there might disrupt the worldwide supply chain and lead to significant price increases. The Shanghai Composite decreased by 1.3%. The $SPY appears to be showing weakness at $390, putting in a lower high from the June 28th, $393.16 high. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Potential Intraday Resistance Levels:
7/08/22 High of Day: $390.64
EOD VWAP: $388.57
Potential Intraday Support Levels:
9D EMA (1Y:1D): $383.11
20D SMA (1Y:1D): $381.02
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
No Economic Data Scheduled
Fed Speaker Scheduled:
John Williams 2:00pm ET
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