S&P 500 (SPY) Report – 8/08/22

Good morning traders!

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

Strong job statistics on Friday strengthened the case for further Fed monetary tightening, as traders are anticipating this week’s inflation data for guidance on the direction of policy. While a significant portion of the US bond curve is near to the most inverted level since 2000, signaling investors anticipate a recession as the Fed applies the brakes on the economy, rate-hike expectations have driven up Treasury rates and the currency.

In the news, a climate and economic package was approved by the Senate on Sunday by a vote of 51–50; the Inflation Reduction Act now heads to the House. Senate Majority Leader Chuck Schumer declared, “The time is now to move on with a large, bold package for the American people.” Republicans who oppose the measure claim that it won’t combat inflation and would harm economic expansion.

Potential Intraday Resistance Levels:
6/02/22 High of Day: $417.44

Potential Intraday Support Levels:
6/05/22 Market Close: $413.47
5D EMA (1Y:1D): $411.73
Mid Pivot Point: $412.96

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

Monday Economic Events:
Investor Movement Index 12:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled


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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1 year ago

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