Good morning traders!
The S&P 500 ($SPY) is trading higher from yesterday’s close. Let’s get into it…
The $SPY is still trading in a sideways channel and has been for the last 16 sessions, between $371.04 and a high of $393.16, waiting to pick a direction. The S&P 500 fell 21% during the first half of 2022, making it the worst start to a year for stock investors since 1970. On June 13, the index entered a bear market after closing more than 20% below its early January peak. Since then, the market has partially rebounded, but investors still have concerns. The Ukrainian conflict, rising interest rates, increasing inflation, and a potential recession are just a few of the risk factors that the markets have been concentrating on this year.
In the news, according to US Senate Majority Leader Chuck Schumer, legislation to provide $52 billion for American semiconductor production may soon be on the way. He anticipates a potential procedural vote on Tuesday. For firms to establish semiconductor manufacturing facilities in the United States, it will offer grants, tax credits, and other financial incentives.
Potential Intraday Resistance Levels:
50D SMA (1Y:1D): $391.92
7/18/22 Market Open: $388.38
Potential Intraday Support Levels:
7/18/22 Market Close: $381.95
20D SMA (1Y:1D): $381.16
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Housing Starts and Permits 8:30am ET
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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