Heavy Data Week Ahead + Futures Trading Levels 2.27.2024

Heavy Data Week Ahead

by John Thorpe, Senior Broker

Will this be additional Grist for the bullish mill?

With such a heavy data week, durable goods, consumer confidence, GDP for the 2nd estimate of Fourth Quarter economic activity as follows:

Jobless claims and ISM, 11 Fed Speakers and the Earnings season just about over, perhaps the market will be leaping forward, by weeks end: or not.

The main event for investors this week will be core personal consumption expenditures price index (PCE) and is the Fed’s preferred measure of inflation due on Thursday @ 7:30 a.m. CST.

Core PCE Price Expectations for Y/Y range is +2.8-2.9% with PCE M/M in a range of -0.1 to 0.4%. per Econoday.com. Hotter readings from other data sets have increased the likelihood that this measure may also top expectations and delay even further a fed rate reduction.

Markets are currently pricing in a 20% chance the fed will ease rates first during the May meeting when nearly a month ago the May decrease carried a probability of nearly 90 percent per the CME Fedwatch tool.

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Daily Levels for February 27th, 2024

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.