Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
The $SPY climbed higher yesterday as a result of breaking out of the trading channel it had been stuck in over the previous several weeks. Investors are nonetheless concerned despite the market’s only partial recovery because of the situation in Ukraine, rising interest rates, rising inflation, and a probable recession, to mention a few. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, Nancy Pelosi said the House will vote as soon as next week on legislation that will offer grants, tax credits, and other financial incentives to businesses that establish semiconductor manufacturing facilities in the United States. The bill “is a major victory for American families and the American economy,” Pelosi said, it’s “a bold, bipartisan package that will lower costs for families here at home while reigniting American competitiveness on the world stage.”
Potential Intraday Resistance Levels:
6/09/22 Market Close: $401.44
Potential Intraday Support Levels:
7/20/22 Market Open: $392.41
7/20/22 Market Close: $394.77
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
Philly Fed Mfg Index 8:30am ET
Leading Indicators 10:00am ET
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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