Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
The S&P retreated sharply yesterday as many investors and traders took profits from the bull rally that caught many by surprise. Investors are now concerned that the rate increases by the Federal Reserve might not finish as fast as anticipated. Following a slew of hawkish remarks from Fed members last week, the probability of a three-quarter point rate hike in September is once again above 50%.
Where we stand in the market today, the SPY is currently trading below the 200 and 20 day simple moving averages, as well as the 5 and 9 day exponential moving averages. The market is still trading above the 50 day exponential moving average but broke a significant support level at $315.00. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
Potential Intraday Resistance Levels:
8/22/22 Market Close: $413.35
EOD VWAP: $414.37
20D SMA (1Y:1D): $415.55
Potential Intraday Support Levels:
Pre-Market Low: $411.36
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Redbook Sales 8:55am ET
PMI Composite Flash 9:45am ET
New Home Sales 10:00am ET – Expect High Volatility
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Neel Kashkari 7:00pm 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.