{"id":19933,"date":"2024-07-10T12:25:43","date_gmt":"2024-07-10T20:25:43","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19933"},"modified":"2024-07-10T12:25:43","modified_gmt":"2024-07-10T20:25:43","slug":"insights-on-powells-testimony-cpi-report-and-market-movements-ahead-of-the-weeks-close","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/insights-on-powells-testimony-cpi-report-and-market-movements-ahead-of-the-weeks-close\/","title":{"rendered":"Insights on Powell’s Testimony, CPI Report, and Market Movements Ahead of the Week’s Close"},"content":{"rendered":"
Get Real Time updates and more by joining our Private Facebook Group<\/a>!<\/span><\/div>\n
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Heading into the last 2 trading days of the week!<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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General:<\/strong><\/p>\n

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The two-day testimony from Fed Chair Jerome Powell \u2013 in front of the Senate Banking Committee yesterday and the House Financial Services Committee today \u2013 is over.\u00a0 Akin to required summer reading, traders are all ears listening for clues on the central bank\u2019s outlook on the current economic environment and future interest rate policy.\u00a0 The head of the central bank acknowledged the cooling job market and persistently high prices.\u00a0 If chair Powell tipped his hand at all, he did indicate the Fed had made \u201cconsiderable progress,\u201d in quelling inflation over the last two years, though it still remains above the central bank\u2019s 2% target.<\/p>\n

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From March 2022 to July 2023, the Fed raised its benchmark lending rate 11 times to a two-decade high of 5.3% to fight inflation, which peaked at 9.1% two years prior.\u00a0 Those hikes increased the cost of consumer borrowing by raising rates for mortgages, auto loans and credit cards, among other forms of borrowing. The goal was to slow borrowing and spending and cool the economy.<\/p>\n

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Up next, the Bureau of Labor Statistics will release the latest\u00a0Consumer Price Index report tomorrow at 7:30 A.M., Central Time, which measures the prices paid by consumers for a basket of consumer goods and services.\u00a0 Economists see headline CPI slowing to 3% year-over-year growth.\u00a0 Core CPI, which removes the volatile food and energy categories, is expected to hold steady at annualized growth of 3.4%. The Producer Price Index will be released Friday.<\/p>\n

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Indexes:\u00a0<\/strong><\/p>\n

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The September S&P 500 stock index futures<\/a> contract climbed to it latest all-time high today, currently \u00b15673.00 up 41.75 points \/ \u00b1 0.75% – its 36th record high of the year.\u00a0 The September Nasdaq futures contract followed suit, thrusting up \u00b1 1% \/ \u00b1 190 points to near 20,900.<\/p>\n

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General, Part 2:\u00a0<\/strong><\/p>\n

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Take a look at the top returns for the first half of 2024 among major global financial assets.<\/p>\n

In first place with a 22% return: Silver<\/a>.\u00a0 After the S&P 500 and NASDAQ in second and third place (two of the most actively traded futures contracts) the next four top returns came from commodities: WTI crude oil<\/a>, Copper<\/a>, Gold<\/a> and Brent crude oil<\/a>.<\/p>\n

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Daily Levels for July 11th, 2024<\/h3>\n

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Economic Reports<\/strong><\/div>\n
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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<\/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.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel Listen to our Market Recap Podcasts on Apple Podcasts       Heading into the last 2 trading days of the week! By Mark O’Brien, Senior Broker     General:   The two-day testimony from Fed Chair Jerome Powell […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19933","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19933","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=19933"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19933\/revisions"}],"predecessor-version":[{"id":19934,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19933\/revisions\/19934"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}