Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
The S&P 500 is projected to end two consecutive quarters of losses, up 9.3% so far in the third quarter, but Wall Street does appear to be at pains to suggest treading cautiously with recent optimism. Expectations for a larger Fed rate hike in September will climb if Wednesday’s CPI data doesn’t show some slowdown in prices, which might hurt equities. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, the United States will provide Ukraine an extra $5.5 billion in aid. $4.5 billion will be used for financial support, and $1 billion in military help will be provided. Humanitarian necessities, such as pension payments, social welfare payments, and medical expenses and supplies, will be covered by the funding. According to the U.S. Agency for International Development, a total of 8.5 billion dollars have been donated to Ukraine.
Potential Intraday Resistance Levels:
8/08/22 Market Close: $412.99
Potential Intraday Support Levels:
8/08/22 Pre-Market Low: $411.28
8/05/22 Low of Day: $409.24
9D EMA (1Y:1D): $409.14
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
Productivity and Costs 8:30am ET
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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