S&P 500 (SPY) Report – 8/24/22

Good morning traders!

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

The S&P 500 has pulled back sharply ahead of Jerome Powell’s speech this Friday at the Jackson Hole Conference. The market could show support at the 100 day simple moving average around $407.00, and resistance at the 20 day simple moving average around $416.00. Until Friday’s speech, investors and traders will remain waiting for a clear direction of where the market could be heading. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.

U.S. durable goods orders were flat in July, falling short of economists expectations. As consumers cut back, manufacturers are suffering from high prices and rising interest rates. Additionally, they are dealing with persistent labor and supply constraints that have slowed down output over the previous 18 months. However, most indicators show that there is plenty of demand for manufacturers, and they are still expanding, but much more slowly than they were earlier in the year. If the Federal Reserve keeps hiking interest rates to combat excessive inflation, growth might continue to stagnate. Higher rates deter individuals and corporations from spending.

Potential Intraday Resistance Levels:
8/23/22 Intraday Resistance : $413.50
Pre-Market High: $413.45

Potential Intraday Support Levels:
Pre-Market Low: $410.56
8/23/22 Low of Day: $413.35

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
Durable Goods Orders 8:30am ET
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected 

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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