Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
The S&P 500 ETF closed slightly higher yesterday from Monday’s close, with a lot of intraday volatility present during the trading session. The SPY advanced for the majority of the day before hitting the 200 day simple moving average where the markets saw significant price drop.
July saw no change in sales at U.S. shops, mostly as a result of lower gas costs and fewer people buying new vehicles and trucks. Other merchants, particularly online retailers like Amazon, saw higher sales. The decline in gas costs has lifted sentiments for many Americans and probably given them more money to spend elsewhere. Nevertheless, widespread and continuously high inflation is depleting wages and pushing many people to rely on credit cards and savings to stay up.
Potential Intraday Resistance Levels:
8/16/22 Market Close: $429.70
Potential Intraday Support Levels:
9D EMA (1Y:1D): $425.25
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
Retail Sales 8:30am ET
Business Inventories 10:00am ET
EIA petroleum Report 10:30am ET
FOMC Minutes 2:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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