S&P 500 (SPY) Report – 9/15/22

Good morning traders! 

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

Yesterday there was some strange behavior in SPDR S&P 500 ETF Trust ($SPY), according to Bonawyn Eison of CNBC’s “Options Action.” At an average cost of $2.50 per contract, there was a bidder for 100,000 of the September weekly 395 calls, according to Eison. Traders anticipate a surge in the SPDR S&P 500 through Friday’s closing, he continued. This may be the result of the extreme response to Tuesday’s CPI report. We do believe the overall trend is bearish, and advise everyone to size down, and trade with caution as the market could go either direction very quickly.

In the news, after 20 hours of discussions, the rail companies and union negotiators reached a provisional deal this morning that balances the demands of employees, enterprises, and the economy. Following the announcement, railroad stock prices rose. The tentative agreement prevents a freight railroad strike that may have damaged the American supply chains and raised costs for many goods.

Potential Intraday Resistance Levels:
After-Hours High: $395.90
9/14/22 High of Day: $396.20

Potential Intraday Support Levels:
9/14/22 Low of Day: $ $392.12

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  – High Volatility Expected
Philadelphia Fed Mfg Index 8:30am ET – High Volatility Expected
Retail Sales 8:30am ET  – High Volatility Expected
Empire State Mfg Index 8:30am ET
Import and Export Prices 8:30am ET
Industrial Production 9:15am ET
Business Inventories 10:00am ET
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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