Trading Week Ahead: What to Watch Out For + Trading Levels for August 1st 2023 - Support & Resistance Levels

Support & Resistance Levels

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Trading Week Ahead: What to Watch Out For + Trading Levels for August 1st 2023

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The Week Ahead, by John Thorpe, Senior Broker

“Non Farm Payrolls and may the good Earnings continue.”

For roughly the half way mark in this earnings season, believe it or not, earnings are following expectations and declining for the third straight quarter.

Let me say that again, AS EXPECTED, earnings are declining for the third straight quarter. As expected, according to FACTSET the largest quarterly earnings decline since Q2 2020 is @ -7.3% projected this quarter for all combined reports. But Wait! the indices are high fliers? !! for the year the Nasdaq is up 36%, the S&P is up 20% and the Dow is up nearly 7%.

Why? The economic data continues to surprise to the upside, When Bad is not as bad as expectations”? and after street pundits have been calling for a recession over the past 18 months and the Labor market still characterized as “tight” by Fed Chair Powell last week we have a dichotomy in Fiction vs Fact that is driving prices higher as a “softlanding” with perhaps nary a recession will result from all the fed tightening when the Fed Board declares inflation whipped is gaining traction with some economists.

The tight labor market is keeping the recession from creeping into our economy,  BTW earnings expectations have been largely muted and the bar substantially lowered however, earnings so far, even though the lowest since Q@ 2020, have exceeded analysts expectations over 80% of the time this quarter.

This week AMD, CAT PFEW SBUX report after the close on Tuesday. AAPL and AMZN report Thursday after the close.

On the Economic Data front the biggest reports are employment based, JOLTS 9AM CDT Tuesday, ADP 7:15 CDT Wednesday, Jobless Claims at 7:30 am CDT and the big Monthly NonFarm Payrols on Friday @ 7:30 CDT

 

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

08-01-2023

#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

 

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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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