The S&P 500 ($SPY) is trading lower pre-market today. Let’s get into it…
In the news, Raphael Bostic, President of the Atlanta Federal Reserve, spoke and said “The full effect of the Ukraine war has not been felt yet, the upward price pressure for industrial inputs is still to come,” in addition Bostic said “We have a little more to go raising interest rates in the next several months. It may be the case that the Fed needs to go super hard on rate hikes, but that is not the baseline.”
Scott Minerd, global chief investment officer at Guggenheim, believes the Fed is more concerned with inflation than the performance of the stock market. “The Fed has basically told us they’re on autopilot until they think they’ve crushed inflation. They don’t care about the market.” Scott noted that it’s “quite likely,” the S&P 500 could drop to 40% below its all-time high, if that were to happen in a way that isn’t “orderly,” then the Fed could step in.
Potential Intraday Resistance Levels
5 Day EMA (1Y:1D): $394.83
9 Day EMA: $397.37
End of Day VWAP: $395.20
5/23/22 High of Day: $397.90
Potential Intraday Support Levels:
5/23/22 Low of Day: $390.38
5/19/22 Low of Day: $387.11
Note: Moving averages are reported from the previous trading session close and will change during the next trading session.
Tuesday Economic Events:
– Redbook Sales 8:55am ET
– PMI Composite Flash 9:45am ET
– New Home Sales 10:00am ET
– Richmond Fed Mfg Index 10:00am ET
– Jerome Powell 12:20pm ET
– API Crude Oil Data 4:30pm ET
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