SPY News & Events

The following are the pivot points for the SPDR S&P 500 ETF Trust. Pivot High: $683.18, Pivot Low: $678.20. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

JPMorgan Chief U.S. Economist Michael Feroli says the data since the October FOMC meeting "haven't delivered any big surprises" and the next FOMC meeting "remains a close call." However, the firm now believes the latest round of Fedspeak "tilts the odds" toward the Committee deciding to cut rates in two weeks. While the firm sees "compelling reasons" for holding and for cutting, it notes that NY Fed President and FOMC Vice Chair Williams' remarks last Friday about seeing room for cutting "in the near term" were heard by markets as indicative of where the rest of the leadership and Chair Powell were leaning and would "agree" with that assessment.