S&P 500 (SPY) Report – 8/01/22

Good morning traders!

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

In the news, Minnesota Federal Reserve Bank, Neel Kashkari spoke on inflation, “It’s very concerning, you know, we keep getting inflation readings, new data that comes in and as recently as this past week, and we keep getting surprised it’s higher than we expect. And it’s not just the two categories. It’s spreading out more broadly across the economy. And that’s why the Federal Reserve is acting with such urgency to get it under control that it brings it back down.” Kaskari also said that while salaries are rising, they are not doing so as quickly as inflation. “For most Americans wages are going up, but they’re not going up as fast as inflation. So most Americans’ real wages, real incomes are going down. That’s why families are finding it increasingly hard to make ends meet.”

Potential Intraday Resistance Levels:
7/29/22 High of Day: $413.03
7/29/22 Market Close: $411.99
EOD VWAP: $410.81

Potential Intraday Support Levels:
7/29/22 Market Open: $407.58
7/29/22 Low of Day: $406.77

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

Monday Economic Events:
PMI Mfg Final 9:45am ET
ISM Mfg Index 10:00am ET
Construction Spending 10:00am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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