Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Fed Chairman Jerome Powell is scheduled to speak at 10 a.m. ET at the Federal Reserve’s annual Jackson Hole, Wyoming, conference. Powell is expected to share his thoughts on rate increases and inflation. We advise everyone to size down, and trade with caution as the market could go either direction very quickly.
In the news, the list of things that customers are abandoning on store shelves now includes computers. The consumer electronics crisis got worse when Dell Technologies lowered its prediction for the beginning of the fiscal year in January 2023. Nvidia also issued a warning that this quarter’s revenue will fall around $1 billion short of expectations due to a decline in demand from PC gamers for its graphics cards, which are also used for cryptocurrency mining. Shares have decreased 41% so far this year.
Potential Intraday Resistance Levels:
200D SMA: (1HR): $420.55
Potential Intraday Support Levels:
EOD VWAP: $417.13
Intraday Support: $417.00
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Int. Trade in Goods 8:30am ET
Personal Income and Outlays 8:30am ET
Wholesale Inventories 8:30am ET
Consumer Sentiment 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Raphael Bostic 8:00am ET
Jerome Powell 10:00am ET – High Volatility Expected
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