S&P 500 (SPY) Report – 9/29/22

Good morning traders! 

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

This morning, the US GDP numbers confirm the US economy shrank for two straight quarters. That corresponds with the most current estimate of GDP and demonstrates that the economy contracted throughout the first half of the year as companies made adjustments in response to supply chain disruptions brought on by the epidemic. The discussion over whether the United States has been in a recession, which is generally understood to be two consecutive quarters of negative growth, may resume in light as of the most recent economic report.

In the news, the Biden administration pledged an extra $1.1 billion in security aid for Ukraine, including funds for the purchase of weapons and equipment. Up until now, Ukraine has received close to $17 billion in aid. “We will not be deterred from supporting Ukraine, we will continue to stand with the Ukrainian people, and provide them with the security assistance they need to defend themselves, for as long as it takes,” White House press secretary, Karine Jean-Pierre said.

Potential Intraday Resistance Levels:
9/28/22: Market Close: $372.20
Pre-Market Resistance: $368.50

Potential Intraday Support Levels:
9/28/22 Low of Day: $358.72

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Loretta Mester 1:00pm ET
Mary Daly 4:45pm ET

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