S&P 500 (SPY) Report – 8/16/22

Good morning traders!

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

Senator Markey and many legislators met with Taiwan Semiconductor Manufacturing Company (TSMC) to talk about supply chains and investments in semiconductors. “I thank President Tsai, Foreign Minister Wu, and everyone we met with for their warm welcome to Taiwan. The bonds of friendship between the U.S. and Taiwan run deep and we are committed to continuing to build our relationship. The island of Taiwan is a vibrant democracy home to more than 23 million people,” Markey added, “Consistent with our commitments under the Taiwan Relations Act, the United States must continue to support Taiwan’s meaningful participation in the international community and help Taiwan withstand cross-Strait coercion. We must continue to work together to avoid conflict and miscalculation in the Taiwan Strait.” Senator Markey said the Taiwan Fellowship Act and the Taiwan ASSURE Act were submitted as bipartisan legislation. Both aim to improve commerce and partnership between the US and Taiwan.

Potential Intraday Resistance Levels:
8/15/22 High of Day: $429.51
Round Number: $430.00
200D SMA (1Y:1D): $431.71

Potential Intraday Support Levels:
Mid Pivot Point:$427.20

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

Tuesday Economic Events:
Housing Starts and Permits 8:30am ET
Redbook Sales 8:55am ET
Industrial Production 9:15am ET
API Crude Oil Data 4:30pm 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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