The S&P 500 ($SPY) is trading higher pre-market near a few resistance levels. Let’s get into it…
Since the start of 2022, the US stock market has been a falling knife, with an unending stream of inflationary reports driving interest rate expectations to the ceiling. The S&P 500 (SPY) broke below its -20% bear market threshold, making a fresh 52-week low last Friday. This leaves traders with the difficult question, where’s the support?
In the news, President Joe Biden signed legislation providing an extra $40 billion in US aid to Ukraine. The bill had bipartisan support in Congress. The plan includes $20 billion in military aid, $8 billion in general economic assistance, $5 billion to address global food shortages in anticipation of a probable collapse of Ukrainian agriculture, and more than $1 billion to assist refugees.
Potential Intraday Resistance Levels
5 Day EMA (1Y:1D): $393.80
9 Day EMA (1Y:1D): $397.49
5/20/22 High of Day: $397.03
5/19/22 High of Day $394.14
Potential Intraday Support Levels:
End of Day VWAP: $386.50
Low of Day: $380.54
Note: Moving averages are reported from the previous trading session close and will change during the next trading session.
Monday Economic Events:
– Chicago Fed National Index 8:30am ET
– Fed Speaker Raphael Bostic scheduled to speak at 12:00pm ET
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