Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Tuesday saw a number of speeches and appearances by Federal Reserve officials stressing the need to maintain raising interest rates in order to control inflation. St. Louis Fed Chief James Bullard warned that their credibility was on the line. “We need to be sure we respond to it appropriately,” Bullard said at an economic conference. A target policy rate of 4.5% by the end of this year could push monetary policy to the “restrictive” level needed to ease inflation” said Bullard.
In the news, three leaks were discovered in the Nord Stream 1 and Nord Stream 2 gas pipelines connecting Germany and Russia. European leaders said both leaks were caused by deliberate actions. Since Russia invaded Ukraine, the two pipelines have received a lot of attention. European natural gas prices rose to 208 euros per megawatt hour late Tuesday from 180 euros earlier in the day.
Potential Intraday Resistance Levels:
200D SMA (30min): $369.59
5D EMA (1Y:1D): $369.59
Potential Intraday Support Levels:
9/26/22 Low of Day: $358.72
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
Int. Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET
Pending Home Sales 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
Raphael Bostic 8:35am ET
James Bullard 10:10am ET
Jerome Powell 10:15am ET – High Volatility Expected
Michelle Bowman 11:00am ET
Charles Evans 2:00pm ET
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