Future Outlook: Technical Traits for the Week of February 6 – February 10, 2023

This week we overview how the outcomes of final week’s value actions and developments that started at first of the yr are shaking out. Learn extra.

E-Mini Russell 2000 Futures Weekly Chart

The E-mini Russell adopted by means of on the cross above the 52-Week Shifting Common, reinforcing a bullish development that started at first of the yr. The MACD ticked up into optimistic territory, one other bullish indication that enhances the optimistic MACD histogram. Final week’s value motion additionally overcame the 38% Fibonacci retracement resistance stage (as outlined by the excessive in November 2021 to the lows in October 2022). Taking out the excessive from August (2054.2) shall be a giant step again to a bullish development, as it might point out that swing highs are greater not decrease. Doable resistance at 2066.8 (50% Fib retracement stage). Ought to this market pull again, assist could also be discovered at 1880 – 1850.

Crude Oil Futures Weekly Chart

Crude Oil futures have been vary certain sideways for the reason that starting of December within the 70 – 84 vary. This corresponds to the cross beneath the 52-Week transferring common, usually a bearish indication.  The shortage of a directional development after that cross has resulted in a impartial MACD. Ought to the market rebound, resistance may happen at 81 (38% Fib retracement from June 2022 highs), 87.75 (38% Fib retracement) and on the 52-week transferring common (89.38 at present studying).

Crude Oil Futures Chart for the Week of 2/6

10-Yr Observe Futures Weekly Chart

The ten-Yr Observe futures, in bull mode since October 2022, are having some problem staying above 114-20 (which corresponds to the lows in June). This aligns with the 38% Fibonacci retracement stage discovered by tracing the highs in August 2022 to the lows in October. The MACD Histogram displays the present bull development and exhibits that the development could also be slowing, if ever so barely. Towards the upside, potential resistance areas are 115-24 (50% Fib retracement) and 117-17 (52-week transferring common).  Assist at 112-08 is feasible ought to this pull again proceed.

10-Year Note Futures Chart

Corn Futures Weekly Chart

Corn futures have been in a bullish development since summer season of 2020, with value crossing the 52-week transferring common in October of that very same yr. Since then, value has examined the transferring common as assist in July of final yr and has been ongoing since November. The MACD is impartial on figuring out a development, as corn has traded in a good vary of 635 – 701 since September. A resistance space of 690 – 700 exists as evidenced by the wicks in September and October in addition to the 61% Fibonacci retracement stage.  Ought to value cross beneath the transferring common, the 38% Fib retracement at 640 might be near-term assist.

Corn Futures Chart

Financial Experiences for the week of February 6th – February 10th

As is normally the case after a Fed announcement, Federal Reserve Financial institution VIPs make public appearances to debate the economic system amongst different subjects. Chair Jerome Powell speaks on the Financial Membership of Washington D.C. on Tuesday, which may spark some volatility within the futures markets. Governor Waller has two appearances this week – the one on Wednesday will deal with the agribusiness economic system, and Friday’s is all about digital forex. Jobless claims on Thursday shall be fascinating to observe approaching the heels of a scorching non-farm payrolls report this previous Friday. Inventory index futures may see minor reactions to Wholesale inventories (Wednesday) and College of Michigan’s Shopper Sentiment report (Friday).

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

Date Financial Experiences
Monday, February  sixth 11:00 AM ET: Export Inspections @usda
12:30 PM ET: Investor Motion Index @TDAmeritrade
Tuesday, February seventh 8:30 AM ET: Worldwide Commerce in Items and Providers @BEA_news
12:40 PM ET: New York Federal Reserve Financial institution Chair Jerome Powell Speech***
3:00 PM ET: Shopper Credit score
Wednesday, February eighth 7:00 AM ET: MBA Mortgage Functions
9:20 AM ET: New York Federal Reserve Financial institution President John Williams Speech
10:00 AM ET: Wholesale Inventories (Preliminary)*
10:30 AM ET: EIA Petroleum Standing Report
12:00 PM ET: USDA Provide/Demand: Cotton, Corn, Soybean, Wheat
12:00 PM ET: Crop Manufacturing
1:45 PM ET: Federal Reserve Governor Christopher Waller Speech
Thursday, February ninth 8:30 AM ET: Export Gross sales
8:30 AM ET: Jobless Claims***
10:30 AM ET: EIA Pure Fuel Report
4:30 PM ET: Fed Steadiness Sheet
Friday, February tenth 10:00 AM ET: Shopper Sentiment*
12:30 PM ET: Federal Reserve Governor Christopher Waller Speech
1:00 PM ET: Baker Hughes Rig Depend
2:00 PM ET: Treasury Assertion
4:00 PM ET: Philadelphia Federal Reserve Financial institution President Patrick Harker Speech

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

Walt Disney represents the one firm reporting from the Dow Jones Index on Wednesday afternoon, the impression of which may doubtlessly carry by means of to YM futures on the open on Thursday morning.  Healthcare/pharmaceutical corporations well-represented this week with CVS, AbbVie and AstraZeneca reporting Wednesday and Thursday. NASDQ futures may present some response to stories from AstraZeneca, Pepsi and PayPal. International automobile producers Toyota and Honda report in the direction of the top of the week.

BMO = Earlier than Market Open
AMC = After Market Shut

Date Earnings Experiences
Monday, February sixth Tyson Meals Inc. (TSN): $1.43 EPS Estimate, $13.10B Income Estimate (BMO)
Activision Blizzard, Inc. (ATVI): $1.38 EPS Estimate, $3.17B Income Estimate (AMC)
Tuesday, February seventh Aramark Holdings Corp. (ARMK): $0.42 EPS Estimate, $4.53B Income Estimate (BMO)
BP plc (BP): $1.65 EPS Estimate, $53.79B Income Estimate (BMO)
DuPont (DD): $0.79 EPS Estimate, $3.08 B Income Estimate (AMC)
Prudential Monetary, Inc. (PRU): $2.57 EPS Estimate, $12.78B Income Estimate (AMC)
Wednesday, February eighth CVS Well being (CVS): $1.92 EPS Estimate, $74.97B Income Estimate (BMO)
Fox Company (FOXA): $0.47 EPS Estimate, $4.59B Income Estimate (BMO)
UBER Applied sciences, Inc. (UBER): ($0.21) EPS Estimate, $8.46B Income Estimate (BMO)
Goodyear Tire and Rubber Firm (GT): 0.17 EPS Estimate, $5.20B Income Estimate (AMC)
Walt Disney Co (DIS): $0.80 EPS Estimate, $23.33B Income Estimate (AMC)
Thursday, February ninth AbbVie Inc. (ABBV): $3.54 EPS Estimate, $15.31B Income Estimate (BMO)
AstraZeneca PLC (AZN): $0.71 EPS Estimate, $11.38B Income Estimate (BMO)
PepsiCo, Inc. (PEP): $1.64 EPS Estimate, $26.58B Income Estimate (BMO)
Philip Morris Worldwide (PM): $1.29 EPS Estimate, $7.58B Income Estimate (BMO)
Toyota Motor Corp (TM): $3.66 EPS Estimate, $68.13B Income Estimate (BMO)
Expedia, Inc. (EXPE): $1.63 EPS Estimate, $12.69B Income Estimate (AMC)
PayPal (PYPL): $1.19 EPS Estimate, $7.39B Income Estimate (AMC)
Friday, February tenth Honda Motor Co., Ltd. (HMC): $0.95 EPS Estimate, $33.02B Income Estimate (BMO)

Be sure you 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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