S&P 500 (SPY) Report – 8/02/22

Good morning traders!

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

We have another busy week unfolding, as 152 S&P 500 companies will be reporting earnings this week. So far, about 56% of the companies within the S&P 500 have already reported, with 73% reporting beat earnings, and 66% reporting beat revenue. We advise everyone to size down, and trade with caution as the market could go either direction very quickly (especially during earnings season).

The US manufacturing sector PMI revealed its lowest output of orders as production declines as well as demand. Chief Business Economist of S&P Global Market Intelligence, Chris Williamson, stated “With the exception of pandemic lockdown periods, July saw US manufacturers report the toughest business conditions since 2009. A growth spurt in the spring has quickly gone into reverse, with new orders for factory goods down for a second straight month in July, leading to the first drop in production for two years and sharply reduced employment growth. The rising cost of living is the most commonly cited cause of lower sales, as well as the worsening economic outlook”.

Potential Intraday Resistance Levels:
8/01/22 Market Open: $409.15
8/01/22 Market Close: $410.77
8/01/22 High of Day: $413.41
EOD VWAP: $411.01

Potential Intraday Support Levels:
5D EMA (1Y:1D): $405.85

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
JOLTS 10:00am ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Charles Evans 10:00am ET
James Bullard 6:45pm ET

 

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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