July 27 2022 – FOMC Day and Tech Earnings
Good morning for Wednesday, July 27th. This is your morning, spy analysis. Today, we have FOMC, and that will be released at 2:00 PM Eastern. 2:30 is when Jerome, Powell speaks and that will really move the market when everybody waits to see what he has to say. So in between now and then it looks like we have some price action getting in back into the value area here between 39250 and 396.
- So we’re watching for a break of that, expect price action to kind of hang out in this area and be choppy until to o’clock. Remember that usually the first reaction to the news that 2 pm is usually the wrong reaction typically good for a little bit of a fade.
But the other things that we have going on, we had earnings from Google and Microsoft, which is pushing tech a little bit higher. So we should have a positive open for tech, which will lead things a little bit higher. And the really big thing is going to be tomorrow with earnings on Apple, and Amazon, Depending on how FOMC react, the market reacts to that today, and how the market reacts to Apple and Amazon earnings tomorrow, it could send the market either much higher or much lower.
We’re looking for that 400 area above to break to push things much higher. 385 below to break to push things much lower. So that’s what’s going on for economic information today, besides the FOMC. We have durable goods at 8:30 international trade goods at 8:30 retail inventories at 8:30. Wholesale inventories at 8:30 at 10.
Am we have the pinning home sales index and investor confidence index. And then, of course, 2 pm, the Fed announcement, and 230 Fed press conference. So outside of that, that is going to be today. If you’d like to get live action during the day chat, trading information signals on spy, you could sign up at spyoptionstraders.com/podcast, use the promo code podcast for your first month free.