Good morning traders!
The S&P 500 ($SPY) is trading below Friday’s close. Let’s get into it…
Stocks closed firmly in the red last week as fears of more aggressive rate hikes and a potential looming recession are present. The S&P 500 is heading near June lows and big institutional investors are unwilling to take any chances, reportedly selling $34.3 billion in the last four weeks in stock and options to protect against a selloff.
In the news, Federal Reserve Bank of Atlanta President Raphael Bostic spoke on CBS, and said “When asked about the back-to-back quarters of negative GDP growth putting us in the category of recession, I think the GDP number is one way to think about economic performance. Many others would suggest that the economy has a lot of positive momentum, we’re still creating lots of jobs on a monthly basis and so I actually think that there is some ability for the economy to absorb our actions and slow in a relatively orderly way, look we need to have slowdown there’s no question about that but I do think that we’re going to do all that we can at the Federal Reserve to avoid deep deep pain and I think there are some scenarios where that’s likely to happen.”
Potential Intraday Resistance Levels:
9/23/22 Market Close: $367.95
9/23/22 Market Open: $370.58
Potential Intraday Support Levels:
Pre-Market Low: $364.43
9/23/22 Low of Day: $363.29
6/17/22 Low of Day: $362.17
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
Chicago Fed National Index 8:30am ET
Dallas Fed Mfg. Survey 10:30am ET
Fed Speaker Scheduled:
Susan Collins 10:00am ET
Raphael Bostic 12:00pm ET
Lorie Logan 12:30pm ET
Loretta Mester 4:00pm ET
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.