Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Beginning today, the Federal Reserve will have a two-day meeting before what the markets anticipate would be another significant interest rate rise in the central bank’s ongoing fight to control inflation. This year, supply chain issues that have affected businesses globally have been a major contributor to rising prices. A rate of 50 to 75 basis points is projected, but when the most recent CPI data came in worse than expected, there has been talk that a rate rise of 100 basis points may be possible. Federal Reserve Chair Jerome Powell has acknowledged that continuing to raise interest rates will hurt the American economy “some.” However, failing to do so would be more painful.
Potential Intraday Resistance Levels:
9D EMA (1Y:1D): $391.06
Mid Pivot Point: $387.09
9/19/22: Market Close: $388.55
Potential Intraday Support Levels:
9/19/22: Intraday Support: $384.30
9/19/22: Low of Day: $382.18
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Housing Starts and Building Permits 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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