S&P 500 (SPY) Report – 8/19/22

Good morning traders!

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

The SPDR S&P 500 ETF has pulled back slightly over the last few trading days, after an extensive bull run over the last few trading weeks. The SPY peaked on 8/16 at $431.73 and was rejected by the 200D daily simple moving average. When analyzing the S&P 500 on a daily time frame, the RSI is in overbought territory; whereas on a 1hr time frame chart, the SPY is in oversold territory as of pre-market today.  The SPY is currently sitting right above the 200D simple moving average on a 1hr chart, which held as support on three other occasions over the last few weeks. By the end of the trading session today, we will most likely see if the S&P 500 will hold off the 200D 1hr simple moving average; or pull back further due to the RSI being overbought on a daily timeframe.

In the news, The Biden administration intends to provide Ukraine with an additional $800 million in military help. According to sources, “Biden would approve the support using his Presidential Drawdown Authority, which enables the president to authorize the transfer of surplus weaponry from U.S. stocks.”

Potential Intraday Resistance Levels:
8/18/22 Low of Day: $425.50
5D EMA (1Y:1D): $426.41

Potential Intraday Support Levels:
9D EMA (1Y:1D): $423.19

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

Friday Economic Events:
Quarterly Services 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
Thomas Barkin 9:00am ET

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