Trading Levels for July 18th - Earnings Season in Full Effect - Support & Resistance Levels

Support & Resistance Levels

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Trading Levels for July 18th – Earnings Season in Full Effect

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The Week Ahead by John Thorpe, Senior Broker:

Govt Reports, Earnings and the Fed Blackout period.

On the close of Business June 16th the S&P was at 4453.00, today we have a hi as of this writing, with 3.5 more hours to go in the session, of 4553.50 Up 100 points and of course, not in a straight line.

This does illustrate a continued bullish undertone. S&P + .022%, The NQ is up .035% and the broadest market index, the Russell index, the winner over this time period, up .041% .

This brings us to a number of questions: can the rally that begin in March continue through the summer? What factors is the market watching for clues and direction?

This week the most meaningful economic numbers to be released should be the June data on retail and food services sales at 7:30am CT on Tuesday. Inflation expectations are overall well-anchored, if at levels a bit above where they were before the current episode began in 2021.

Earnings season has arrived. Last week the JPM and C released their numbers,  This week the Regional Banks will start reporting results in addition to B of A, Morgan Stanley and Goldman Sachs, the Tech and consumer stocks the market will be very interested with are Tesla and Netflix. United Airlines reports as well.

Expectations are certainly muted from a year ago, and the lowered expectations have already been inserted on the game board by most analysts and ratings firms. Therefore, any good news should have a positive impact on the indices continued grind higher.

Of note this week is the Fed Black out period in advance of the July 25-26 meeting where traders are currently expecting another .25 rate hike after the last sessions pause.

 

Plan your trade and trade your plan.

 

 

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

Futures Trading Levels

for 07-18-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

Economic Reports, Source: 

Forexfactory.com

 

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.

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