S&P 500 (SPY) Report – 9/21/22

Good morning traders! 

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

At 2:00 pm EST, the Federal Open Market Committee (FOMC), will give their decision on a rate hike. The talk is of raising rates by 75 basis points, and rumors or a 100 basis point increase. After the decision to raise interest rates, Fed Chair Jerome Powell will give a speech at 2:30 pm. Powell is anticipated to insist that the Fed will use all necessary steps to combat inflation. In his most recent speech, Powell indicated that he and his colleagues are absolutely dedicated to bringing inflation under control, but it will cause some pain.

In the news, the Russian president issued a nuclear warning to the West and ordered 300,000 reserve soldiers to deploy. Investors face a number of problems as a result of Putin’s engagement. Following Putin’s statement, oil prices, which had been falling on Tuesday in anticipation of the anticipated large Fed rate hike, started to rise as supply concerns resurfaced, jumping by about 3%.

Potential Intraday Resistance Levels:

9/19/22: After-Hours High: $390.30
5D EMA (1Y:1D): $388.73

Potential Intraday Support Levels:
9/20/22: Market Close: $384.09
9/20/22: Low of Day: $381.20

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

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Existing Home Sales 10:00am ET  – High Volatility Expected
EIA Petroleum Report 10:30am ET
FOMC Announcement 2:00pm ET – High Volatility Expected
Fed Chair Press Conf. 2:30pm ET – High Volatility Expected

Fed Speaker Scheduled:
No Fed Speakers Scheduled


DailyBubble’s Disclaimer
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.

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