Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
As of today, the S&P 500 is trading below all the major moving averages. With political and geopolitical tensions on the rise, we might see the market come back down to recent lows in the coming weeks. This week, Jerome Powell, the Chair of the Federal Reserve System, will speak at the Cato Institute’s 40th Annual Monetary Conference, so we are anticipating a volatile week ahead.
In the news, Russia has halted exporting natural gas to Europe via the Nord Stream 1 pipeline, saying it won’t start up again until western sanctions are lifted. Also, China warns of “countermeasures” and urges the US to cancel the arms deal with Taiwan. The transactions, which “seriously jeopardize China-US ties and peace and stability across the Taiwan Strait,” according to Liu Pengyu, spokesman for the Chinese embassy, have been “immediately revoked.” According to Taiwan’s defense ministry, two Chinese fighter jets recently crossed the Taiwan Strait’s median line, which acts as an unofficial border between the two countries. Since U.S. House Speaker Nancy Pelosi’s visit, China has been conducting military exercises close to Taiwan and has proclaimed the island to be its own territory.
Potential Intraday Resistance Levels:
100D SMA (1Y:1D): $401.01
5D EMA (1Y:1D): $397.68
Pre-Market High: $395.98
Potential Intraday Support Levels:
9/02/22 Low of Day: $390.33
9/02/22 Market Close: $392.24
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
PMI Composite Final 9:45am ET
ISM Services Index 10:00am ET – High Volatility Expected
Investor Movement Index 12:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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