Good morning traders!
The S&P 500 ($SPY) is trading higher from Friday’s close. Let’s get into it…
The $SPY has been trading in a sideways channel for the last 15 sessions, between $371.04 and a high of $393.16, waiting to pick a direction. Over the weekend, President Biden met with Middle East leaders in Saudi Arabia, “I had a good series of meetings. I just finished more than two hours of meetings with Saudi leadership here in Jeddah,’ adding, “And thanks to many months of quiet diplomacy by the staff, we’ve accomplished some significant business today.’ Biden said the United States “will not walk away” from the Middle East, “We will not walk away and leave a vacuum to be filled by China, Russia or Iran,” Biden said. “We will seek to build on this moment with active, principled, American leadership.” On oil Biden said, “we had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth.”
Potential Intraday Resistance Levels:
50D SMA (1Y:1D): $392.86
6/28/22 High of Day: $393.16
7/08/22 High of Day: $390.64
Potential Intraday Support Levels:
7/15/22 Market Close: $385.10
EOD VWAP: $383.74
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Housing Market Index 10:00am ET
Treasury Int. Capital 4:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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