Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
The Dow Jones Industrial Average entered a bear market on Monday, falling to a level that is more than 20% below its peak from January, joining the S&P 500 in a bear market. Yesterday the CBOE Volatility Index, also known as the fear gauge, hit its highest level since the middle of June. The $SPY is trading higher pre-market today, as the market is in oversold territory; traders and investors may be looking for a bounce. The Relative Strength Index (RSI) on the $SPY closed at a level of 27.32, which anything under 30 is considered oversold. We advise everyone to size down, and trade with caution as the market could go either direction very quickly; especially as political, geo-political, and inflation uncertainty is on the rise.
Potential Intraday Resistance Levels:
9/26/22 High of Day: $370.21
5D EMA (1Y:1D): $372.70
Potential Intraday Support Levels:
9/26/22 Low of Day: $363.203
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
Durable Goods Orders 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
Case Shiller HPI 9:00am ET
FHFA HPI 9:00am ET
Consumer Confidence 10:00am ET – High Volatility Expected
New Home Sales 10:00am ET – High Volatility Expected
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Charles Evans 6:15am ET
Jerome Powell 7:30am ET – High Volatility Expected
James Bullard 9:55am ET
Mary Daly 8:35pm 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.