This week we assessment how the outcomes of final week’s worth actions and developments that started at first of the yr are shaking out. Read extra.
E-Mini Russell 2000 Futures Weekly Chart
The E-mini Russell adopted by means of on the cross above the 52-Week Moving Average, reinforcing a bullish development that started at first of the yr. The MACD ticked up into constructive territory, one other bullish indication that enhances the constructive MACD histogram. Last week’s worth motion additionally overcame the 38% Fibonacci retracement resistance stage (as outlined by the excessive in November 2021 to the lows in October 2022). Taking out the excessive from August (2054.2) will probably be an enormous step again to a bullish development, as it could point out that swing highs are increased not decrease. Possible resistance at 2066.8 (50% Fib retracement stage). Should this market pull again, assist could also be discovered at 1880 – 1850.
Crude Oil Futures Weekly Chart
Crude Oil futures have been vary certain sideways for the reason that starting of December within the 70 – 84 vary. This corresponds to the cross under the 52-Week shifting common, sometimes a bearish indication. The lack of a directional development after that cross has resulted in a impartial MACD. Should the market rebound, resistance may happen at 81 (38% Fib retracement from June 2022 highs), 87.75 (38% Fib retracement) and on the 52-week shifting common (89.38 at present studying).
10-Year Note Futures Weekly Chart
The 10-Year Note futures, in bull mode since October 2022, are having some problem staying above 114-20 (which corresponds to the lows in June). This aligns with the 38% Fibonacci retracement stage discovered by tracing the highs in August 2022 to the lows in October. The MACD Histogram displays the present bull development and exhibits that the development could also be slowing, if ever so barely. Toward the upside, potential resistance areas are 115-24 (50% Fib retracement) and 117-17 (52-week shifting common). Support at 112-08 is feasible ought to this pull again proceed.
Corn Futures Weekly Chart
Corn futures have been in a bullish development since summer time of 2020, with worth crossing the 52-week shifting common in October of that very same yr. Since then, worth has examined the shifting common as assist in July of final yr and has been ongoing since November. The MACD is impartial on figuring out a development, as corn has traded in a good vary of 635 – 701 since September. A resistance space of 690 – 700 exists as evidenced by the wicks in September and October in addition to the 61% Fibonacci retracement stage. Should worth cross under the shifting common, the 38% Fib retracement at 640 may very well be near-term assist.
Economic Reports for the week of February 6th – February 10th
As is normally the case after a Fed announcement, Federal Reserve Bank VIPs make public appearances to debate the financial system amongst different subjects. Chair Jerome Powell speaks on the Economic Club of Washington D.C. on Tuesday, which may spark some volatility within the futures markets. Governor Waller has two appearances this week – the one on Wednesday will deal with the agribusiness financial system, and Friday’s is all about digital foreign money. Jobless claims on Thursday will probably be attention-grabbing to observe approaching the heels of a sizzling non-farm payrolls report this previous Friday. Stock index futures may see minor reactions to Wholesale inventories (Wednesday) and University of Michigan’s Consumer Sentiment report (Friday).
*** = Most impactful reviews
* = Somewhat impactful reviews
^ = Housing-related reviews
| Date | Economic Reports |
|---|---|
| Monday, February sixth | 11:00 AM ET: Export Inspections @usda 12:30 PM ET: Investor Movement Index @TDAmeritrade |
| Tuesday, February seventh | 8:30 AM ET: International Trade in Goods and Services @BEA_news 12:40 PM ET: New York Federal Reserve Bank Chair Jerome Powell Speech*** 3:00 PM ET: Consumer Credit |
| Wednesday, February eighth | 7:00 AM ET: MBA Mortgage Applications 9:20 AM ET: New York Federal Reserve Bank President John Williams Speech 10:00 AM ET: Wholesale Inventories (Preliminary)* 10:30 AM ET: EIA Petroleum Status Report 12:00 PM ET: USDA Supply/Demand: Cotton, Corn, Soybean, Wheat 12:00 PM ET: Crop Production 1:45 PM ET: Federal Reserve Governor Christopher Waller Speech |
| Thursday, February ninth | 8:30 AM ET: Export Sales 8:30 AM ET: Jobless Claims*** 10:30 AM ET: EIA Natural Gas Report 4:30 PM ET: Fed Balance Sheet |
| Friday, February tenth | 10:00 AM ET: Consumer Sentiment* 12:30 PM ET: Federal Reserve Governor Christopher Waller Speech 1:00 PM ET: Baker Hughes Rig Count 2:00 PM ET: Treasury Statement 4:00 PM ET: Philadelphia Federal Reserve Bank President Patrick Harker Speech |
Companies Reporting Earnings for the week of January 30th – February 3rd
Walt Disney represents the one firm reporting from the Dow Jones Index on Wednesday afternoon, the influence of which may doubtlessly carry by means of to YM futures on the open on Thursday morning. Healthcare/pharmaceutical firms well-represented this week with CVS, AbbVie and AstraZeneca reporting Wednesday and Thursday. NASDQ futures may present some response to reviews from AstraZeneca, Pepsi and PayPal. Foreign automobile producers Toyota and Honda report in the direction of the tip of the week.
BMO = Before Market Open
AMC = After Market Close
| Date | Earnings Reports |
|---|---|
| Monday, February sixth | Tyson Foods Inc. (TSN): $1.43 EPS Estimate, $13.10B Revenue Estimate (BMO) Activision Blizzard, Inc. (ATVI): $1.38 EPS Estimate, $3.17B Revenue Estimate (AMC) |
| Tuesday, February seventh | Aramark Holdings Corp. (ARMK): $0.42 EPS Estimate, $4.53B Revenue Estimate (BMO) BP plc (BP): $1.65 EPS Estimate, $53.79B Revenue Estimate (BMO) DuPont (DD): $0.79 EPS Estimate, $3.08 B Revenue Estimate (AMC) Prudential Financial, Inc. (PRU): $2.57 EPS Estimate, $12.78B Revenue Estimate (AMC) |
| Wednesday, February eighth | CVS Health (CVS): $1.92 EPS Estimate, $74.97B Revenue Estimate (BMO) Fox Corporation (FOXA): $0.47 EPS Estimate, $4.59B Revenue Estimate (BMO) UBER Technologies, Inc. (UBER): ($0.21) EPS Estimate, $8.46B Revenue Estimate (BMO) Goodyear Tire and Rubber Company (GT): 0.17 EPS Estimate, $5.20B Revenue Estimate (AMC) Walt Disney Co (DIS): $0.80 EPS Estimate, $23.33B Revenue Estimate (AMC) |
| Thursday, February ninth | AbbVie Inc. (ABBV): $3.54 EPS Estimate, $15.31B Revenue Estimate (BMO) AstraZeneca PLC (AZN): $0.71 EPS Estimate, $11.38B Revenue Estimate (BMO) PepsiCo, Inc. (PEP): $1.64 EPS Estimate, $26.58B Revenue Estimate (BMO) Philip Morris International (PM): $1.29 EPS Estimate, $7.58B Revenue Estimate (BMO) Toyota Motor Corp (TM): $3.66 EPS Estimate, $68.13B Revenue Estimate (BMO) Expedia, Inc. (EXPE): $1.63 EPS Estimate, $12.69B Revenue Estimate (AMC) PayPal (PYPL): $1.19 EPS Estimate, $7.39B Revenue Estimate (AMC) |
| Friday, February tenth | Honda Motor Co., Ltd. (HMC): $0.95 EPS Estimate, $33.02B Revenue Estimate (BMO) |
Be certain to examine again weekly and comply with us on our social media accounts to obtain alerts of our Futures Outlooks week to week.
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