Good morning traders!
The S&P 500 ($SPY) is trading lower from yesterday’s close. Let’s get into it…
Yesterday before the market closed, the $SPY displayed its weakness by striking fresh lows on the day. A strong bullish support level was broken pre-market today after the Consumer Price Index (CPI) report was released at 8:30am. The (CPI) is a gauge of the average change in prices paid by urban consumers for a market basket of goods and services over time. In June, the Index increased 1.3% month over month, above the consensus estimate of +1.1% and the previous figure of +1.0%. The energy index also rose 7.5% over the month and contributed nearly half of the all items increasing. 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): $379.71
Potential Intraday Support Levels:
20D SMA (1Y:1D): $380.16
7/05/22 Low of Day: $372.90
6/22/22 Low of Day: $370.18
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
CPI 8:30am ET
Atl. Fed Inflation Expectations 10:00am ET
EIA Petroleum Report 10:30am ET
Beige Book 2:00pm ET
Treasury Statement 2:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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