The S&P 500 (SPY) is trading slightly lower from yesterday’s close. Let’s get into it…
Atlanta Fed President Raphael Bostic said policy makers should be mindful and proceed carefully in tightening policy to bring inflation down. “Uncertainties shroud the economic outlook on virtually every front, from the pandemic to war in Ukraine to supply constraints. Monetary policy makers must be mindful of those uncertainties and proceed carefully in tightening policy.” Furthermore, Bostic stated, “As we expeditiously return monetary policy to a more neutral stance to get inflation closer to our 2% target, I plan to proceed with intention and without recklessness,” adding, “We have seen throughout the pandemic that events and market shifts can happen quickly.”
The Office of Fossil Energy and Carbon Management (FECM) of the US Department of Energy (DOE) issued an additional Notice of Sale of up to 40.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). The SPR is the world’s biggest stockpile of emergency crude oil, with four storage locations in Texas and Louisiana. President Biden announced on March 31, 2022, that one million barrels of crude oil will be released every day for six months. The release will take place in phases, with 90 million barrels expected to be released between May and August.
Potential Intraday Resistance Levels
5 Day EMA (1Y:1D): $394.52
9 Day EMA (1Y:1D): $396.67
Pre/After Market High: $396.54
5/24/22 High of Day: $395.15
Potential Intraday Support Levels:
5/24/22 Intraday Support: $390.03
5/24/22 Intraday Support: $389.11
5/24/22 Low of Day: $386.96
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
– Durable Goods Orders 8:30am ET
– EIA Petroleum Report 10:30am ET
– Fed Speaker Lael Brainard scheduled at 12:15pm ET
– FOMC Minutes 2:00pm ET
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