S&P 500 (SPY) Report – 9/08/22

Good morning traders! 

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

Late on Wednesday, Goldman Sachs increased its prediction for Federal Reserve interest rate increases. A 75 basis point increase is now anticipated for this month, as a result of the hawkish remarks made by Fed officials in recent weeks. The bank’s analysts raised their predictions for the meeting in November, calling for a 50 basis point increase. Also in the news, European Central Banks raise interest rates by 75 basis points as expected. 

Potential Intraday Resistance Levels:
50D SMA (1Y:1D): $401.25
9D EMA (1Y:1D): $399.66
9/02/22 High of Day: $401.56

Potential Intraday Support Levels:
EOD VWAP: $395.35

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

Thursday Economic Events:
Initial Jobless Claims 8:30am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET – High Volatility Expected
Consumer Credit 3:00pm ET

Fed Speaker Scheduled:
Jerome Powell 9:10am ET – High Volatility Expected
Charles Evans 12:00pm ET

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