S&P 500 (SPY) Report – 9/22/22

Good morning traders! 

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

Yesterday, the Federal Reserve increased interest rates by 75 basis points to 3.25%, with intentions to increase rates further. The stock market was rattled by Jerome Powell’s unwavering hawkishness in the fight against inflation. “We will keep at it until the job is done,” Powell said. “I wish there were a painless way to do that. There isn’t.” Up to the end of the year, the Fed’s median estimates anticipate further rises of 125 basis points. They predict that the fed funds rate will exceed 4.5% in the upcoming year. Bank of America increased their prediction to a range of 4.75% to 5%, so it might not finish there.

In the news, the Swiss National Bank’s 75 basis-point increase marked the end of negative interest rates in Europe. Since 2015, Switzerland’s interest rates haven’t been positive; the world’s economic climate is unquestionably changing.

Potential Intraday Resistance Levels:
Pre-Market High: $380.32
EOD VWAP:$383.33

Potential Intraday Support Levels:
After-Hours Low: $373.90
7/14/22: Low of Day: $371.04

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
Current Account 8:30am ET
Leading Indicators 10:00am ET
EIA Natural Gas Report 10:30am ET

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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