Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Cleveland’s Federal Reserve Bank President Loretta Mester discussed the status of the American economy and inflation. “I don’t believe we’re in a recession. I think the MBER looks at a number of different criteria, certainly, activity has slowed, GDP report showed negative growth for two quarters in a row, but you have to actually look at the composition of that growth to discern what parts of the economy are slowing. We don’t have a slowdown in labor markets, and that’s two key factors that go into calling a recession. Usually, when a recession is in place, you will see the labor market deteriorate pretty rapidly. And certainly, right now, the labor market is very healthy
In a recent report according to the New York Federal Reserve Bank, Americans increased their credit card usage by $46 billion during the second quarter, and the pace of growth in credit card debt since the second quarter of last year has increased by 13 percent, which is the highest rate in more than 20 years. The total household debt in the United States is $16.15 trillion, a $2 trillion increase from before the epidemic.
Potential Intraday Resistance Levels:
8/02/22 High of Day: $413.00
Potential Intraday Support Levels:
5D EMA (1Y:1D): $406.59
8/02/22 Market Close: $408.06
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
PMI Composite Final 9:45am ET
Factory Orders 10:00am ET
ISM Services Index 10:00am ET
EIA Petroleum Report 10:30am ET
Fed Speaker Scheduled:
Patrick Harker 10:30am ET
Tom Barkin 11:45am ET
Neel Kashkari 2:30pm ET
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