Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
The $SPY broke out of the trading channel it’s been confined to over the past few weeks, pushing the S&P 500 ETF slightly higher after hours. This leaves traders with the question if the market will hold that price and continue higher? If the breakout continues, we will likely see a gap fill today or in the coming days from the (6/9/22) $401.44 market close, and the (6/10/22) $395.78 market open. The market has only partially rebounded, but investors still have concerns due to the Ukrainian conflict, rising interest rates, increasing inflation, and a potential recession, just to name a few. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Potential Intraday Resistance Levels:
6/09/22 Market Close: $401.44
Potential Intraday Support Levels:
7/19/22 Market Close: $392.87
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
Existing Home Sales 10:00am ET
EIA Petroleum Report 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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