Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
U.S. stocks surged Wednesday morning following a crucial report on inflation that revealed a slower rate of price growth than anticipated. The Consumer Price Index (CPI) for July increased 8.5% over the previous year while being unchanged from June. The increase in core inflation, which excludes volatile costs for food and energy, was also less than expected. The Federal Reserve will evaluate the report ahead of the September meeting, where it is expected to raise interest rates once more.
Potential Intraday Resistance Levels:
Round Number: $420.00
Potential Intraday Support Levels:
8/08/22 High of Day: $417.62
5D EMA (1Y:1D): $411.88
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
CPI 8:30am ET
Atl. Fed Business Inflation 10:00am ET
Wholesale Inventories 10:00am ET
Treasury Statement 2:00pm ET
Fed Speaker Scheduled:
Charles Evans 11:00am ET
Neel Kashkari 2:00pm ET
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.