{"id":18771,"date":"2023-07-31T12:16:23","date_gmt":"2023-07-31T20:16:23","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=18771"},"modified":"2023-07-31T12:16:23","modified_gmt":"2023-07-31T20:16:23","slug":"trading-week-ahead-what-to-watch-out-for-trading-levels-for-august-1st-2023","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/trading-week-ahead-what-to-watch-out-for-trading-levels-for-august-1st-2023\/","title":{"rendered":"Trading Week Ahead: What to Watch Out For + Trading Levels for August 1st 2023"},"content":{"rendered":"
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The Week Ahead, by John Thorpe, Senior Broker<\/h3>\n

“Non Farm Payrolls and may the good Earnings continue.”<\/p>\n

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.<\/p>\n

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<\/a> is up 36%, the S&P<\/a> is up 20% and the Dow<\/a> is up nearly 7%.<\/p>\n

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.<\/p>\n

The tight labor market is keeping the recession from creeping into our economy,\u00a0\u00a0BTW\u00a0earnings 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\u00a0over 80% of the time this quarter.<\/p>\n

This week\u00a0AMD, CAT PFEW SBUX report\u00a0after the close on Tuesday.\u00a0AAPL and AMZN\u00a0report Thursday after the close.<\/p>\n

On the Economic Data front the biggest reports are employment based,\u00a0JOLTS 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<\/p>\n<\/div>\n

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Plan your trade and trade your plan.<\/a><\/div>\n
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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 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.<\/p>\n

Futures Trading Levels<\/strong><\/h3>\n

08-01-2023<\/p>\n

\"#ES,
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG<\/figcaption><\/figure>\n

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Improve Your Trading Skills<\/h2>\n
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\n<\/a>Economic Reports, Source:\u00a0<\/strong><\/h3>\n

Forexfactory.com<\/a><\/p>\n

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This is not a solicitation of any order to buy or sell, but a current market view provided by\u00a0Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more on our private FB group! https:\/\/business.facebook.com\/groups\/1105191589938254\/ 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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,231,76,230,30,235,344],"tags":[1481,1480,1475,1471,1469,1467,1468,1474,1472,1477,1478,1476,1479,1470,1473,1172,1239,40,627,1277,36],"class_list":["post-18771","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-futures-broker-2","category-index-futures","category-indices","tag-cbot","tag-comex","tag-commoditiesmarket","tag-commoditiestrader","tag-commoditytrading","tag-crudeoil","tag-daytrader","tag-futuresmarket","tag-futurestrader","tag-kcbt","tag-mgex","tag-nymex","tag-smfe","tag-stockindices","tag-swingtrader","tag-cme","tag-commodities","tag-daytrading","tag-futures","tag-globex","tag-gold"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=18771"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18771\/revisions"}],"predecessor-version":[{"id":18772,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18771\/revisions\/18772"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=18771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=18771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=18771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}