S&P 500 (SPY) Report – 7/26/22

Good morning traders!

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

Walmart provided a picture of how rapidly business circumstances may decline with yesterday’s earnings report. Walmart is reducing clothing prices while also battling storage expenses caused by an excess of shipping containers. Preliminary estimates from the U.S. Census Bureau shows that general merchandise shops had $105 billion in inventory at the end of April, the biggest amount since at least 2000. Retailers and websites have been caught off guard as low-income families are forced to spend their money on food instead of apparel and other merchandise as inflation continues to rise. Fed Chair Jerome Powell is aware that many other people are suffering if Walmart and its customers are.

Potential Intraday Resistance Levels:
7/25/22 Market Close: $395.57
7/25/22 High of Day: $396.47
7/22/22 High of Day: $401.18

Potential Intraday Support Levels:
7/22/22 Low of Day: $392.75
9D EMA (1Y:1D): $391.20

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

Tuesday Economic Events:
Redbook Sales 8:55am ET
CaseShiller HPI 9:00am ET
FHFA HPI 9:00am ET
Consumer Confidence 10:00am ET
New Home Sales 10:00am ET
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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