Our analysts reviewed the markets and are forecasting potential bullish strikes throughout varied futures. Read extra under.
E-Mini S&P 500 Futures Daily Chart
The E-mini S&P 500 futures reveals early indicators of breaking out of a bear pattern that dominated in 2022. The decrease swing highs and swing lows of 2022 have been changed by greater swing lows and highs in 2023. Price is properly above the Ichimoku cloud, in addition to each its 50-day and 200-day shifting averages. The 50-day shifting common simply crossed above the 200-day shifting common final week, which is mostly thought-about a bullish indication. The Fibonacci Extension of the earlier bullish pattern (from the low in October to the excessive in December) utilized to the newest bullish transfer (from the low on December 22) indicated 61.8% extension at 4183, which held as resistance. This coincided with the Relative Strength Index (RSI) failing to attain an overbought standing at 70. Should the present pattern proceed, help is feasible at 4030 on the 50-day shifting common.
Natural Gas Futures Weekly Chart
Natural fuel futures have discovered a base for the final seven classes, pausing a 5 month slide in value. It took 3 months for NG to lose half its worth, and one other 10 weeks to lose 50% once more. Natural Gas hasn’t seen the bullish aspect of the 50-day shifting common since December 16th, within the midst of an island reversal. The RSI does give a bullish indication with the cross above the oversold worth of 30. Should this be the beginning of a bullish pattern, anticipate resistance on the 50-day shifting common, in addition to 4.34 (the 23% Fibonacci retracement stage from the excessive in August to the latest low earlier this month).
Japanese Yen Futures Weekly Chart
Japanese Yen futures is in pullback mode after seeing a rally off the October low. Price is encountering a help space within the 0.007600 -0.0076340 space, as denoted by the 23% Fibonacci retracement stage, the highest of the Ichimoku cloud, and the 50-day shifting common. Bearish divergence within the RSI preceded this pullback, however with the present studying of 46.95 and sideways pattern, RSI doesn’t give a lot steerage right here. If the pullback continues, search for help at 0.0074575 because the 38% Fib retracement.
Wheat Futures Weekly Chart
Wheat futures have been in a bearish pattern since May of 2022, buying and selling as excessive as 1331 to the low of 712.50 in December. After discovering resistance on the 50-day shifting common for over every week, value decisively broke by way of final week (a bullish indication). This coincides with a cross into the Ichimoku cloud – getting by way of to the topside of the cloud would additional a bullish case for wheat. RSI just lately confirmed bullish divergence by making greater lows whereas wheat was making decrease lows. This would possibly clarify the pivot in pattern in late January. Should the pivot to the bullish pattern proceed, resistance could possibly be discovered on the 200-day shifting common as properly at 857 (the 23% Fibonacci retracement stage from the May 2022 highs).
Economic Reports for the week of February 13th – February 17th
Consumer Price Index (CPI) and Producer Price Index (PPI) are the main financial releases this week, coming in Tuesday and Thursday mornings at 8:30 am ET. Because these experiences give perception into whether or not or not the Fed’s actions are reigning in inflation, anticipate volatility in all futures markets. Wednesday morning may see a number of reactions as at least eight experiences are launched, from 7 am into the Opening vary (10 am). Federal Reserve audio system this week embody two Board Governors in addition to Cleveland Fed President Loretta Mester (on Thursday). Other Federal Reserve Governors/Presidents could have talking engagements/interviews that come up because the writing of this transient.
*** = Most impactful experiences
* = Somewhat impactful experiences
^ = Housing-related experiences
|Monday, February thirteenth||8:00 AM ET: Federal Reserve Governor Michelle W. Bowman Speech
11:00 AM ET: Export Inspections
|Tuesday, February 14th||6:00 AM ET: NFIB Small Business Optimism Index
8:30 AM ET: CPI***
11:00 AM ET: 4-Week Bill Announcement
|Wednesday, February fifteenth||7:00 AM ET: Bank Reserve Settlement
7:00 AM ET: MBA Mortgage Applications
8:30 AM ET: Empire State Manufacturing Index
8:30 AM ET: Retail Sales
9:15 AM ET: Industrial Production
10:00 AM ET: Atlanta Fed Business Inflation Expectations
10:00 AM ET: Business Inventories
10:00 AM ET: Housing Market Index
10:30 AM ET: EIA Petroleum Status Report
1:00 PM ET: 20-Yr Bond Auction
4:00 PM ET: Treasury International Capital
|Thursday, February sixteenth||8:30 AM ET: Export Sales
8:30 AM ET: Jobless Claims
8:30 AM ET: Housing Starts and Permits
8:30 AM ET: PPI-Final Demand***
8:30 AM ET: Philadelphia Fed Manufacturing Index
8:45 AM ET: Cleveland Federal Reserve Bank President Loretta Mester Speech
10:30 AM ET: EIA Natural Gas Report
4:00 PM ET: Federal Reserve Governor Lisa D. Cook Speech
4:30 PM ET: Fed Balance Sheet
6:00 PM ET: Cleveland Federal Reserve Bank President Loretta Mester Speech
|Friday, February seventeenth||8:30 AM ET: Import and Export Prices
8:30 AM ET: Leading Indicators
10:00 AM ET: E-Commerce Retail Sales
10:00 AM ET: Quarterly Services Survey
1:00 PM ET: Baker Hughes Rig Count
Companies Reporting Earnings for the week of February 13th – February 17th
Coca-Cola experiences Tuesday morning as the only real consultant of the Dow Jones Index this week. Barrick Gold Corp may see elevated revenues because of Golds 12% advance off the lows in October. Hospitality shares take a flip as Marriott, Hyatt and Airbnb report. Cisco Systems is the most important of the businesses listed right here – as it’s a member of each the S&P 500 and NASDAQ 100, there could possibly be some volatility in these index futures after markets Wednesday when it experiences earnings.
BMO = Before Market Open
AMC = After Market Close
* signifies that this firm is within the S&P 500 Index
|Monday, February thirteenth||Avis Budget Group, Inc. (CAR): $6.50 EPS Estimate, $2.71B Revenue Estimate (AMC)*|
|Tuesday, February 14th||Coca-Cola Company (KO): $0.45 EPS Estimate, $9.92B Revenue Estimate (BMO)*
Marriott International, Inc. (MAR): $1.84 EPS Estimate, $5.61B Revenue Estimate (BMO)*
Airbnb, Inc. (ABNB): $0.27 EPS Estimate, $1.86 B Revenue Estimate (AMC)
Suncor Energy, Inc. (SU): $1.26 EPS Estimate, $9.65B Revenue Estimate (AMC)
|Wednesday, February fifteenth||Barrick Gold Corporation (GOLD): $0.13 EPS Estimate, $3.15B Revenue Estimate (BMO)
Kraft Heinz Company (KHC): $0.77 EPS Estimate, $7.14B Revenue Estimate (BMO)*
Sunoco, Inc. (SUN): ($0.77) EPS Estimate, $5.86B Revenue Estimate (BMO)
Cisco Systems (CSCO): 0.76 EPS Estimate, $13.43B Revenue Estimate (AMC)*
Marathon Oil Corp. (MRO): $0.87 EPS Estimate, $1.75B Revenue Estimate (AMC)*
|Thursday, February sixteenth||Hyatt Hotels Corp. (H): $0.32 EPS Estimate, $1.50B Revenue Estimate (BMO)
Applied Materials, Inc. (AMAT): $1.93 EPS Estimate, $6.69B Revenue Estimate (AMC)*
Consolidated Edison (ED): $0.79 EPS Estimate, $3.53B Revenue Estimate (AMC)*
|Friday, February seventeenth||Deere & Company (DE): $5.51 EPS Estimate, $11.44B Revenue Estimate (BMO)*|
Be positive to test again weekly and observe us on our social media accounts to obtain alerts of our Futures Outlooks week to week.
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