Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
The S&P 500 is down 7% from its prior close and the Nasdaq is down close to 9%, after Jerome Powell gave his speech at Jackson Hole less than two weeks ago. With two weeks until the next interest rate decision, the Fed wants to be absolutely certain that markets understand that reducing inflation is its top goal. Lael Brainard and Michael Barr, the Fed’s vice chairs, both give speeches today. Powell will take part in a talk at the Cato Institute tomorrow.
Investors still believe the Fed is on the verge of getting inflation under control, despite the fact that early expectations of a pullback on rate increases were crushed at Jackson Hole. Bill Ackman, the founder of Pershing Square Capital Management, believes that pricing pressures will decrease “a lot” and equities will soon resume their upward trend. In the spring, Ackman criticized the Fed for not acting strongly enough.
Potential Intraday Resistance Levels:
5D EMA (1Y:1D): $395.37
Mid Pivot Point: $391.23
Pre-Market High: $391.96
Potential Intraday Support Levels:
Pre-Market Low: $388.31
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
Int. Trade in Goods 8:30am ET
Redbook Sales 8:55am ET
EIA Short-Term Energy Outlook 12:00pm ET – High Volatility Expected
Beige Book 2:00pm ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Tom Barkin 9:00am ET
Loretta Mester 10:00am ET
Lael Brainard 11:55am ET
Michael Barr 2:00pm ET
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.