While many anticipated experiences will come out this week, now we have a number of to deal with within the days forward. Here’s a breakdown of the week forward.
E-Mini Dow Futures Weekly Chart
After the fourth quarter rally off the lows in October, the Dow appears to be in consolidation mode. The Fibonacci retracement ranges from that development point out assist at 33700 and 32772 – areas the place the Dow is present buying and selling above. The MACD and its histogram continues to be constructive, and the RSI exhibits slight divergence – the latest peaks of RSI are about the identical worth, the place the latest peaks in value present decline. An upside goal, ought to the Dow resume the bullish development, may very well be 35200, the latest excessive in December. Should the Dow break under the 52-week transferring common, the 50% Fib retracement degree at 32025 may very well be assist.
Gasoline Futures Weekly Chart
Gasoline (RBOB) futures have been vary certain sideways since late summer time final 12 months (from 2.00 to 2.80). Having crossed above the 52-week transferring common 3 weeks in the past, the take a look at of the resistance space has to date failed. Should the market development upward, targets may very well be the excessive from March in 2022 (2.974) and the highs of final 12 months (3.594). Support could be discovered at 2.05 – 2.00 if the development reverses.
Silver Futures Weekly Chart
Silver futures appear to have misplaced some polish because the 61% Fibonacci retracement degree holds as resistance. The longer bearish development is unbroken because the latest excessive is in step with the earlier decrease swing highs. In the shorter time period, the MACD signifies bullishness because the MACD and its sign are constructive, as is the distinction of the 2 (as proven by the histogram). The RSI is trending towards an overbought degree of 70, although not fairly there but. Support exists within the space between 22.70 and 22.08 (the 52-Week Moving Average and the 50% retracement degree).
Japanese Yen Futures Weekly Chart
The rally in Japanese Yen futures that started in October 2022 could have hit some resistance because the 50% Fibonacci retracement degree of 0.00781) has held. A peek above the 52-week transferring common is probably not sufficient to maintain the Yen above it. While the MACD histogram is constructive, the MACD simply crossed the 0 line, though the differential between the 2 could also be contracting (a weakening bullish indication). The RSI has turned down effectively wanting the overbought degree of 70. Should this rally stall and reverse, 0.00755 may very well be a goal to the draw back. A continuation of the uptrend might see resistance at 0.00807 on the 61% Fib retracement degree.
Economic Reports for the week of January 30th – February 3rd
Wednesday headlines the large occasion, because the FOMC declares the Federal goal price at 2pm ET. With the goal price likelihood (as decided by the CME through buying and selling in fed fund price futures) at 99% for a 25-basis level hike on the time of this writing, the press convention half-hour later may very well be the place the market sees volatility and/or will get a way of route. Reports measuring the manufacturing sector of the financial system arrive all through the week as Dallas Fed, Chicago PMI and S&P Global US PMI Manufacturing are launched shortly after common market open on Monday, Tuesday and Wednesday. The month-to-month employment state of affairs report can also be one to look at at 8:30am Friday morning.
*** = Most impactful experiences
* = Somewhat impactful experiences
^ = Housing-related experiences
| Date | Economic Reports |
|---|---|
| Monday, January thirtieth | 10:30 AM ET: Dallas Fed Manufacturing Survey 11:00 AM ET: Export Inspections |
| Tuesday, January thirty first | FOMC Meeting Begins 08:30 AM ET: Employment Cost Index 9:00 AM ET: Case-Shiller Home Price Index 9:00 AM ET: FHFA House Price Index 9:45 AM ET: Chicago PMI 10:00 AM ET: Consumer Confidence 03:00 PM ET: Farm Prices |
| Wednesday, February 1st | 7:00 AM ET: Bank Reserve Settlement 7:00 AM ET: MBA Mortgage Applications 8:15 AM ET: ADP Employment Report* 8:30 AM ET: Treasury Refunding Announcement 9:45 AM ET: PMI Manufacturing Final 10:00 AM ET: ISM Manufacturing Index 10:30 AM ET: EIA Petroleum Status Report 2:00 PM ET: FOMC Announcement*** 2:30 PM ET: Fed Chair Press Conference *** 3:00 PM ET: Grain Crushings |
| Thursday, February 2nd | 8:30 AM ET: Export Sales 8:30 AM ET: Productivity and Costs 10:00 AM ET: Factory Orders 10:30 AM ET: EIA Natural Gas Report 4:30 PM ET: Fed Balance Sheet |
| Friday, February third | 8:30 AM ET, Employment Situation * 9:45 AM ET, PMI Composite Flash 10:00 AM ET, ISM Services Index 1:00 PM ET, Baker Hughes Rig Count |
Companies Reporting Earnings for the week of January 30th – February 3rd
345 corporations report earnings subsequent week, however the focus is on FAANG (Facebook, Apple, Amazon, Netflix, Google) shares as Facebook (now referred to as Meta) experiences on Wednesday afternoon, and Apple, Amazon, Netflix and Google report Thursday after the shut. This might have an effect on E-Mini S&P and NASDAQ 100 futures, as all three are elements of these indices. Apple can also be within the Dow, so YM futures might even see some volatility as effectively. Other Dow inventory reporting are Caterpillar and McDonalds on Tuesday. Oil corporations ExxonMobil, ConocoPhillips, Marathon Petroleum and Phillips 66 report on Tuesday and Thursday.
BMO = Before Market Open
AMC = After Market Close
| Date | Earnings Reports |
|---|---|
| Monday, January thirtieth | Whirlpool Corp. (WHR): $3.43 EPS Estimate, $5.12B Revenue Estimate (AMC) |
| Tuesday, January thirtieth | Caterpillar, Inc. (CAT): $3.95 EPS Estimate, $16.08B Revenue Estimate (BMO) Exxon Mobil Corp. (XOM): $3.32 EPS Estimate, $99.65B Revenue Estimate (BMO) General Motors Corp. (GM): $1.63 EPS Estimate, $40.30B Revenue Estimate (BMO) Marathon Petroleum Corp. (MPC): $5.54 EPS Estimate, $32.20B Revenue Estimate (BMO) McDonalds Corp. (MCD): $2.45 EPS Estimate, $5.60B Revenue Estimate (BMO) Pfizer, Inc. (PFE): $1.05 EPS Estimate, $24.43B Revenue Estimate (BMO) Phillips 66 (PSX): $4.34 EPS Estimate, $36.85B Revenue Estimate (BMO) United Parcel Service, Inc. (UPS): $3.58 EPS Estimate, $28.17B Revenue Estimate (BMO) Advanced Micro Devices (AMD): $0.67 EPS Estimate, $5.51B Revenue Estimate (AMC) |
| Wednesday, February 1st | Humana, Inc. (HUM): $1.10 EPS Estimate, $5.53B Revenue Estimate (BMO) T-Mobile US Inc. (TMUS): $1.10 EPS Estimate, $21.01B Revenue Estimate (BMO) Allstate Corp. (ALL): $-1.37 EPS Estimate, $11.43B Revenue Estimate (AMC) Meta Platforms, Inc. (META): $2.12 EPS Estimate, $31.80B Revenue Estimate (AMC) Metlife Inc. (MET): $1.76 EPS Estimate, $16.95B Revenue Estimate (AMC) |
| Thursday, February 2nd | Bristol-Myers Squibb Company (BMY): $1.72 EPS Estimate, $11.19B Revenue Estimate (BMO) ConocoPhillips (COP): $2.77 EPS Estimate, $18.02B Revenue Estimate (BMO) Eli Lilly & Co. (LLY): $1.91 EPS Estimate, $7.36B Revenue Estimate (BMO) Alphabet Inc. (GOOGL): $0.88 EPS Estimate, $76.60B Revenue Estimate (AMC) Amazon.com, Inc. (AMZN): $1.17 EPS Estimate, $145.40B Revenue Estimate (AMC) Apple, Inc. (AAPL): $0.15 EPS Estimate, $122.05B Revenue Estimate (AMC) Ford Motor Company (F): $0.59 EPS Estimate, $40.36B Revenue Estimate (AMC) Starbucks Corp. (SBUX): $0.77 EPS Estimate, $8.79B Revenue Estimate (AMC) |
| Friday, February third | CIGNA Corp. (CI): $4.84 EPS Estimate, $45.79B Revenue Estimate (BMO) |
Be positive to test 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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