S&P 500 (SPY) Report – 9/02/22

Good morning traders!

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

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, stated at a speech at Georgia Tech in Atlanta that inflation is high and outside of the Fed’s target range. “Inflation is high, inflation is too high and we have got to bring it down to our target,” in addition, “So we have got some work to do. We have got to figure out how fast we are going to move our policy to try to arrest that inflation and to wrestle it back down to 2%,” On supply and demand Bostic stated, “When you bring demand down, that has the risk of slowing the economy down so that the economy stops growing, where it loses all of its momentum, and then you might get to a situation that some would describe as recessionary,”  The Federal Market Committee will hold its next meeting September 20 – 21, a rate increase and monetary policy action are anticipated.

The U.S. Labor Department’s weekly report on emerging unemployment, Initial Jobless Claims, recently provided statistics that surpassed expectations. Expecting numbers of 248k, with an actual reading of 232k. “In the week ending August 27, the advance figure for seasonally adjusted initial claims was 232,000, a decrease of 5,000 from the previous week’s revised level. The previous week’s level was revised down by 6,000 from 243,000 to 237,000. The 4-week moving average was 241,500, a decrease of 4,000 from the previous week’s revised average. The previous week’s average was revised down by 1,500 from 247,000 to 245,500,” the report said. 

Potential Intraday Resistance Levels:
50D SMA (1Y:1D): $400.77
8/31/22 High of Day: $401.24

Potential Intraday Support Levels:
9/01/22 Market Close: $396.42
Mid Pivot Point: $394.71
EOD VWAP: $392.92

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

Friday Economic Events:
Employment Report 8:30am ET – High Volatility Expected
Factory Orders 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

Stock Market Holidays
Labor Day – September 5, 2022 – Closed


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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