S&P 500 (SPY) Report – 7/22/22

Good morning traders!

The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…

With the $SPY breaking out of the trading channel it had been bound in for several weeks, the market squeezed higher Thursday; closing right below $399. Despite the market’s only partial recovery, investors are still worried due to the situation in Ukraine, rising interest rates, rising inflation, and a potential recession, to name a few.. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.

Initial Jobless Claims were released and worse than anticipated (240K Expected, 251K Actual). “The advance number for seasonally adjusted initial claims for the week ending July 16 was 251,000, up 7,000 from the unrevised level of 244,000 for the prior week. The 4-week moving average increased by 4,500 from the corrected average from the prior week to 240,500. The average for the prior week was increased by 250, from 235,750 to 236,000, according to the report.

In the news, Interest rates were raised by the European Central Bank for the first time in 11 years. Increasing its benchmark rate by 50 basis points, which results in a deposit rate of 0%. “The Governing Council judged that it is appropriate to take a larger first step on its policy rate normalization path than signaled at its previous meeting,” the ECB said in a statement. Christine Lagarde, the ECB President stated, “Inflation continues to be undesirably high and is expected to remain above our target for some time. The latest data indicate a slowdown in growth, clouding the outlook for the second half of 2022 and beyond.”

Potential Intraday Resistance Levels:
6/09/22 Market Close: $401.44

Potential Intraday Support Levels:
7/21/22 Market Open: $394.16
EOD VWAP:$396.02
50D SMA (1Y:1D): $391.17

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Friday Economic Events:
PMI Composite Flash 9:45am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled


DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

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