Future Outlook: Technical Traits for the Week of February 13 – February 17, 2023

Our analysts reviewed the markets and are forecasting attainable bullish strikes throughout numerous futures. Learn extra beneath.

E-Mini S&P 500 Futures Day by day Chart

The E-mini S&P 500 futures reveals early indicators of breaking out of a bear development that dominated in 2022.  The decrease swing highs and swing lows of 2022 have been changed by increased swing lows and highs in 2023. Worth is nicely above the Ichimoku cloud, in addition to each its 50-day and 200-day transferring averages.  The 50-day transferring common simply crossed above the 200-day transferring common final week, which is usually thought-about a bullish indication. The Fibonacci Extension of the earlier bullish development (from the low in October to the excessive in December) utilized to the newest bullish transfer (from the low on December 22) indicated 61.8% extension at 4183, which held as resistance. This coincided with the Relative Energy Index (RSI) failing to realize an overbought standing at 70. Ought to the present development proceed, help is feasible at 4030 on the 50-day transferring common.

Pure Gasoline Futures Weekly Chart

Pure gasoline futures have discovered a base for the final seven periods, pausing a 5 month slide in worth. It took 3 months for NG to lose half its worth, and one other 10 weeks to lose 50% once more. Pure Gasoline hasn’t seen the bullish facet of the 50-day transferring common since December 16th, within the midst of an island reversal. The RSI does give a bullish indication with the cross above the oversold worth of 30. Ought to this be the beginning of a bullish development, anticipate resistance on the 50-day transferring common, in addition to 4.34 (the 23% Fibonacci retracement stage from the excessive in August to the latest low earlier this month).

Natural Gas Futures Weekly Chart_2.13

Japanese Yen Futures Weekly Chart

Japanese Yen futures is in pullback mode after seeing a rally off the October low. Worth is encountering a help space within the 0.007600 -0.0076340 space, as denoted by the 23% Fibonacci retracement stage, the highest of the Ichimoku cloud, and the 50-day transferring common. Bearish divergence within the RSI preceded this pullback, however with the present studying of 46.95 and sideways development, RSI doesn’t give a lot steering right here. If the pullback continues, search for help at 0.0074575 because the 38% Fib retracement.

Japanese Yen Futures Weekly Chart_2.13

Wheat Futures Weekly Chart

Wheat futures have been in a bearish development since Could of 2022, buying and selling as excessive as 1331 to the low of 712.50 in December. After discovering resistance on the 50-day transferring common for over per week, worth decisively broke by way of final week (a bullish indication). This coincides with a cross into the Ichimoku cloud – getting by way of to the topside of the cloud would additional a bullish case for wheat. RSI lately confirmed bullish divergence by making increased lows whereas wheat was making decrease lows. This would possibly clarify the pivot in development in late January. Ought to the pivot to the bullish development proceed, resistance could possibly be discovered on the 200-day transferring common as nicely at 857 (the 23% Fibonacci retracement stage from the Could 2022 highs).

Wheat Futures Weekly Chart_2.13

Financial Stories for the week of February 13th – February 17th

Client Worth Index (CPI) and Producer Worth Index (PPI) are the most important financial releases this week, coming in Tuesday and Thursday mornings at 8:30 am ET. As a result of these reviews give perception into whether or not or not the Fed’s actions are reigning in inflation, anticipate volatility in all futures markets.  Wednesday morning may see a number of reactions as at least eight reviews are launched, from 7 am into the Opening vary (10 am). Federal Reserve audio system this week embrace two Board Governors in addition to Cleveland Fed President Loretta Mester (on Thursday). Different Federal Reserve Governors/Presidents might have talking engagements/interviews that come up for the reason that writing of this temporary.

*** = Most impactful reviews
* = Considerably impactful reviews
^ = Housing-related reviews

Date Financial Stories
Monday, February thirteenth 8:00 AM ET: Federal Reserve Governor Michelle W. Bowman Speech
11:00 AM ET: Export Inspections
Tuesday, February 14th 6:00 AM ET: NFIB Small Enterprise Optimism Index
8:30 AM ET: CPI***
11:00 AM ET: 4-Week Invoice Announcement
Wednesday, February fifteenth 7:00 AM ET: Financial institution Reserve Settlement
7:00 AM ET: MBA Mortgage Purposes
8:30 AM ET: Empire State Manufacturing Index
8:30 AM ET: Retail Gross sales
9:15 AM ET: Industrial Manufacturing
10:00 AM ET: Atlanta Fed Enterprise Inflation Expectations
10:00 AM ET: Enterprise Inventories
10:00 AM ET: Housing Market Index
10:30 AM ET: EIA Petroleum Standing Report
1:00 PM ET: 20-Yr Bond Public sale
4:00 PM ET: Treasury Worldwide Capital
Thursday, February sixteenth 8:30 AM ET: Export Gross sales
8:30 AM ET: Jobless Claims
8:30 AM ET: Housing Begins and Permits
8:30 AM ET: PPI-Remaining Demand***
8:30 AM ET: Philadelphia Fed Manufacturing Index
8:45 AM ET: Cleveland Federal Reserve Financial institution President Loretta Mester Speech
10:30 AM ET: EIA Pure Gasoline Report
4:00 PM ET: Federal Reserve Governor Lisa D. Prepare dinner Speech
4:30 PM ET: Fed Steadiness Sheet
6:00 PM ET: Cleveland Federal Reserve Financial institution President Loretta Mester Speech
Friday, February seventeenth 8:30 AM ET: Import and Export Costs
8:30 AM ET: Main Indicators
10:00 AM ET: E-Commerce Retail Gross sales
10:00 AM ET: Quarterly Companies Survey
1:00 PM ET: Baker Hughes Rig Depend

Corporations Reporting Earnings for the week of January 30th – February 3rd

Coca-Cola reviews Tuesday morning as the only real consultant of the Dow Jones Index this week.   Barrick Gold Corp may see elevated revenues on account of Golds 12% advance off the lows in October.  Hospitality shares take a flip as Marriott, Hyatt and Airbnb report. Cisco Programs is the most important of the businesses listed right here – as it’s a member of each the S&P 500 and NASDAQ 100, there could possibly be some volatility in these index futures after markets Wednesday when it reviews earnings.

BMO = Earlier than Market Open
AMC = After Market Shut

* signifies that this firm is within the S&P 500 Index

Date Earnings Stories
Monday, February thirteenth Avis Price range Group, Inc. (CAR): $6.50 EPS Estimate, $2.71B Income Estimate (AMC)*
Tuesday, February 14th Coca-Cola Firm (KO): $0.45 EPS Estimate, $9.92B Income Estimate (BMO)*
Marriott Worldwide, Inc. (MAR): $1.84 EPS Estimate, $5.61B Income Estimate (BMO)*
Airbnb, Inc. (ABNB): $0.27 EPS Estimate, $1.86 B Income Estimate (AMC)
Suncor Vitality, Inc. (SU): $1.26 EPS Estimate, $9.65B Income Estimate (AMC)
Wednesday, February fifteenth Barrick Gold Company (GOLD): $0.13 EPS Estimate, $3.15B Income Estimate (BMO)
Kraft Heinz Firm (KHC): $0.77 EPS Estimate, $7.14B Income Estimate (BMO)*
Sunoco, Inc. (SUN): ($0.77) EPS Estimate, $5.86B Income Estimate (BMO)
Cisco Programs (CSCO): 0.76 EPS Estimate, $13.43B Income Estimate (AMC)*
Marathon Oil Corp. (MRO): $0.87 EPS Estimate, $1.75B Income Estimate (AMC)*
Thursday, February sixteenth Hyatt Lodges Corp. (H): $0.32 EPS Estimate, $1.50B Income Estimate (BMO)
Utilized Supplies, Inc. (AMAT): $1.93 EPS Estimate, $6.69B Income Estimate (AMC)*
Consolidated Edison (ED): $0.79 EPS Estimate, $3.53B Income Estimate (AMC)*
Friday, February seventeenth Deere & Firm (DE): $5.51 EPS Estimate, $11.44B Income Estimate (BMO)*

Make sure to examine again weekly and comply with us on our social media accounts to obtain alerts of our Futures Outlooks week to week.

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