Good morning traders!
The S&P 500 ($SPY) is trading higher from Friday’s close. Let’s get into it…
The Federal Reserve’s policy makers meet on September 20 and 21, they may decide to hike interest rates by 0.75 percentage points for the third time in a row. A weak figure on inflation on Tuesday would favor a slower rate of growth in the coming months. It will take some time before it is clear whether the latest bounce is the beginning of another bull cycle or the bounce before another leg down. The CPI data tomorrow will give us better insight where the market will be heading.
In the news, the Biden administration intends to curb American exports of semiconductors used in chip manufacturing and artificial intelligence to China. New rules and limitations will be published by the Department of Commerce.
Potential Intraday Resistance Levels:
20D SMA (1Y:1D): $410.34
8/30/22 High of Day: $406.65
Pre-Market High: $409.53
Potential Intraday Support Levels:
Mid Pivot Point: $$407.02
9/09/22 High of Day: $407.51
9/09/22 Market Close: $406.60
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
WASDE Report 12:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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