S&P 500 (SPY) Report – 8/31/22

Good morning traders!

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

The Consumer Confidence Index, a monthly survey of US consumer attitudes, spending plans, and expectations for inflation, stock prices, and interest rates, came in better than expected in yesterday’s report. The report was expecting numbers around 97.5 but beat projections with a score of 103.2. “Consumer confidence increased in August after falling for three straight months,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. Thomas Barkin, president of the Richmond Federal Reserve Bank, stated that although recent data is “compatible” with an economy that is not in a recession, the United States is currently seeing “post-war-like” inflation.

In the news, Taiwan forces fired warning shots at Chinese drones flying over its outposts just off the coastline. Recent Chinese efforts have been interpreted as a practice run for a potential blockade or invasion because China claims Taiwan as its own territory. We advise everyone to size down, and trade with caution as the market could go either direction very quickly; especially as geo-political uncertainty is on the rise.  

Potential Intraday Resistance Levels:
Pre-Market High: $401.27
100D SMA: (1HR): $405.44
Whole Number: $410.00

Potential Intraday Support Levels:
8/30/22: Low of Day: $396.00

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
ADP Employment Report 8:15am ET – High Volatility Expected
Chicago PMI 9:45am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Farm Prices 3:00pm ET

Fed Speaker Scheduled:
Loretta Mester 8:00am ET
Lorie Logan 6:00pm ET
Raphael Bostic 6:30pm ET


DailyBubble’s Disclaimer
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.

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