S&P 500 (SPY) Report – 9/01/22

Good morning traders!

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

For the third week in a row, US unemployment insurance applications reached a two-month low, demonstrating that there is still a strong need for workers even as economic development slows. In the week ending August 27, initial jobless claims dropped by 5,000 to 232,000, according to Labor Department figures released on Thursday. There should be 248,000 new applications, according to the economists’ median forecast in a Bloomberg survey.

In the news, the chip maker Nvidia has been ordered to halt exporting its most advanced artificial intelligence microchips to China because of concerns that they might find a “military end use”. Nvidia’s export prohibition may cost the company $400 million in third-quarter sales, lowering already-lowered projections due to dwindling interest in its graphics cards among PC gamers.

Potential Intraday Resistance Levels:
8/31/22 Market Close: $395.18
Pre-Market High: $394.50
Mid Pivot Point: $395.54

Potential Intraday Support Levels:
Pre-Market Low: $391.82

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Thursday Economic Events:
Challenger Job Cuts 7:30am ET
Initial Jobless Claims 8:30am ET – High Volatility Expected
Productivity and Costs 8:30am ET
PMI MFG Index 9:45am ET
ISM MFG Index 10:00am ET – High Volatility Expected
Construction Spending 10:00am ET
EIA Natural Gas 10:30am ET

Fed Speaker Scheduled:
Raphael Bostic 3:30pm ET

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