Good morning traders!
The S&P 500 ($SPY) is trading higher from yesterday’s close. Let’s get into it…
President Joe Biden announced intentions to invest $22 billion in American companies at a virtual meeting with SK Group Chairman Chey Tae-wo. “This path breaking announcement represents clear evidence that the United States Korea and its allies are back and winning technology competition of the 21st century. The SK Group is the second largest conglomerate in South Korea. And since I’ve been President, it has made significant investments in the United States, already committed $32 billion in investment here and today they’re announcing another 22 billion in addition, that will grow their US workforce from 4000 to 20,000 workers by 2025. Investing in a range of advanced technologies, from semiconductors to large-capacity batteries to electric vehicle chargers, and pharmaceuticals and partnering with an iconic American company like Ford and Intel is incredible. Further proof America’s open for business.” Biden said
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.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Durable Goods Orders 8:30am ET
Int. Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET
Pending Home Sales 10:00am ET
EIA Petroleum Report 10:30am ET
FOMC Announcement 2:00pm ET
Fed Chair Press Conf. 2:30pm ET
Fed Speaker Scheduled:
Today we have the Federal Open Market Committee (FOMC) expected to make an announcement on rates at 2pm ET, with expectations of a 75bps to 100bps rate hike followed by a Fed Chair Presser at 2:30pm ET.
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