Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Goldman lowered its S&P 500 price forecast for the year-end in May. At the time, the market expected the Fed to stop raising interest rates at roughly 3.25%. Currently, traders predict that the so-called terminal rate will be 4.6%, while experts at Goldman Sachs predict that the Fed funds rate might peak as high as 4.75% by spring. The bad news is that Goldman believes risks are biased to the negative. A recession might be brought on by consistently aggressive Fed policy and stubborn inflation.
Initial Jobless Claims, a weekly survey that measures the emergence of unemployment, just provided weekly data that performed better than expected. Adjusted initial claims were estimated at 213,000, up 5,000 from the revised amount from the prior week.
Potential Intraday Resistance Levels:
9/22/22 Market Close: $374.22
9/22/22 Low of Day: $373.44
Potential Intraday Support Levels:
Pre-Market Low: $368.65
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
PMI Composite Flash 9:45am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Jerome Powell 2:00pm ET – High Volatility Expected
Lael Brainard 2:05pm ET
Michelle Bowman 2:05pm ET
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