Good morning traders!
The S&P 500 ($SPY) is trading lower from yesterday’s close. Let’s get into it…
The S&P 500 moves sharply lower this morning, after worse than expected CPI data. Core inflation, which excludes volatile food and energy costs, increased by 6.3% in August, above the 6.1% increase predicted by the majority of economists. While the U.S. gained 315,000 jobs in August and wages were up 5.2% year-over-year, inflation is still outpacing wage growth. With the latest CPI inflation data, this may signal the Fed for another 0.75% rate hike this month.
In the news, Russian troops are retreating as Ukraine special forces are recapturing towns.
Potential Intraday Resistance Levels:
5D EMA (1Y:1D): $404.05
9D EMA (1Y:1D): $403.48
Potential Intraday Support Levels:
Round Number: $400.00
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
NFIB Small Bus. Opt. Index 6:00am ET
CPI 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
Treasury Statement 2:00pm ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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.