Good morning traders!
The S&P 500 ($SPY) is trading lower from yesterday’s close. Let’s get into it…
The $SPY was up during trading hours yesterday, but was still down on the day from Tuesday’s close. Today, the S&P 500 is waiting to pick a direction, putting in a double bottom pre-market at $372.90 from July 5ths low of day. Yesterday, Federal Reserve Bank of Cleveland President Loretta Mester said that the CPI data “was uniformly bad, there was no good news in that report,” adding, “Until we get and see convincing evidence that inflation has turned the corner, we just have more work to do.” Talks circulate of the Federal Reserve doing a 100-basis point rate hike at its July 26-27 meeting. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, President Joe Biden said June’s inflation figures as being “unacceptably high,” but countered that they don’t take into account the drop in gas prices. “Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices that have reduced the price at the pump by about 40 cents since mid-June,” Biden said in a statement.
Potential Intraday Resistance Levels:
20D SMA (1Y:1D): $379.90
Potential Intraday Support Levels:
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.
Thursday Economic Events:
Initial Jobless Claims 8:30am ET
PPI-Final 8:30am ET
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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