Good morning traders!
The S&P 500 ($SPY) is trading below Friday’s close. Let’s get into it…
Fed Chairman Jerome Powell gave a speech at the annual Federal Reserve Jackson Hole conference last Friday. Powell said he expects the Federal Reserve to keep raising interest rates, and that doing so will hurt the American economy “slightly.” “While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said, “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”
Potential Intraday Resistance Levels:
100D SMA: (1HR): $406.41
EOD VWAP: $410.33
Potential Intraday Support Levels:
50D SMA: (1HR): $398.56
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Dallas Fed Mfg Survey 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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