S&P 500 (SPY) Report – 7/28/22

Good morning traders!

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

The S&P500 has shown its strength over the last few weeks, with the $SPY currently trading  above the 20 and 50 (1Y: 1D) Simple Moving Averages, as well as the 5 and 9 (1Y: 1D) Exponential Moving Averages. The S&P500 ETF is however still trading below the 200 day (SMA), which is considered to be a long term downtrend. Investors and traders will be watching earnings of Intel, Amazon and Apple today, to get a better idea of where the market could be heading in the future. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.

In the news, the Federal Open Market Committee announced yesterday that interest rates will be rising by another 0.75 percentage points. Following the announcement, Federal Reserve Chair Jerome Powell stated “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” Powell indicated he does not believe there is a recession at the moment commenting, “Think about what a recession is. It’s a broad-based decline across many industries that’s sustained more than a couple of months. This doesn’t seem like that now,” he said. “The real reason is the labor market has been such a strong signal of economic strength that it makes you question the GDP data.” Federal officials are expected to meet in September for their next discussion on monetary policy.

Potential Intraday Resistance Levels:
7/26/22 High of Day: $402.88

Potential Intraday Support Levels:
5D EMA (1Y:1D): $395.60
EOD VWAP: $398.70

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

Thursday Economic Events:
GDP 8:30am ET
Initial Jobless Claims 8:30am ET
EIA Natural Gas Report 10:30am ET
KC Fed Mfg Index 11:00am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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