S&P 500 (SPY) Report – 8/30/22

Good morning traders!

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

Traders are anticipating more downside for the S&P 500 ETF in the coming weeks. According to CNBC’s “Option Action”, Michael Khouw of Optimize Advisors reported that the SPY ETF traded  1.3 times its average daily put volume yesterday. Now this may not seem like a big increase, but it’s more than a million extra put contracts traded, he added. The September 9th weekly puts saw volume of 45,286 at an average price per contract of $0.34. Traders are betting the S&P 500 ETF will decline by at least 11% by the end of next week. Only time will tell if this will come to fruition. 

In the news, White House press secretary Karine Jean-Pierre stated “As you saw the new data on Friday that showed prices came down nationwide last month and personal income went up, so that is a sign of inflation that is easing and latest headline CPI inflation was flat.” Pierre added, “Consumer sentiment is up 13% Since July and one-year inflation expectation dropped nearly half a percent from the month before. We have more work to do, we understand that, we know that families and Americans are still feeling the pain, and we’re going to continue to do the work.”

Potential Intraday Resistance Levels:
Pre-Market High: $406.73
100D SMA: (1HR): $405.92
Whole Number: $410.00

Potential Intraday Support Levels:
50D SMA: (1HR): $399.28
EOD VWAP: $403.33
Whole Number: $400.00

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
CaseShiller HPI 9:00am ET
FHFA House Price Index 9:00am ET
Consumer Confidence 10:00am ET – High Volatility Expected
JOLTS 10:00am ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Tom Barkin 8:00am ET
John Williams 11:00am ET

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