S&P 500 (SPY) Report – 9/19/22

Good morning traders! 

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

The S&P 500 ETF closed below a crucial support level Friday, leaving traders with the big question of whether the market will fall back to June lows. Only time will tell, as we have many economic events coming up in the near future. The Federal Open Market Committee (FOMC), a panel of members that make monetary policy decisions, will meet this week on September 20-21st. A rate increase and monetary policy action are anticipated. A 50-75 basis-point rate is expected, but speculation of a 100-basis point increase could be a possibility after the latest CPI data came in worse than anticipated. 

Potential Intraday Resistance Levels:
9/16/22 Market Close: $385.56
EOD VWAP: $384.33

Potential Intraday Support Levels:
Pre-Market Low: $ $381.50

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

Monday Economic Events:
Housing Market Index 10:00am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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