Future Outlook: Technical Traits for the Week of January 30 – February 3, 2023

Whereas many anticipated studies will come out this week, we have now a number of to deal with within the days forward. Right here’s a breakdown of the week forward.  

E-Mini Dow Futures Weekly Chart

After the fourth quarter rally off the lows in October, the Dow appears to be in consolidation mode. The Fibonacci retracement ranges from that development point out assist at 33700 and 32772 – areas the place the Dow is present buying and selling above. The MACD and its histogram continues to be constructive, and the RSI exhibits slight divergence – the latest peaks of RSI are about the identical worth, the place the latest peaks in value present decline. An upside goal, ought to the Dow resume the bullish development, could possibly be 35200, the latest excessive in December. Ought to the Dow break under the 52-week transferring common, the 50% Fib retracement degree at 32025 could possibly be assist.

Gasoline Futures Weekly Chart

Gasoline (RBOB) futures have been vary sure sideways since late summer season final 12 months (from 2.00 to 2.80). Having crossed above the 52-week transferring common 3 weeks in the past, the check of the resistance space has to date failed. Ought to the market development upward, targets could possibly be the excessive from March in 2022 (2.974) and the highs of final 12 months (3.594). Assist could be discovered at 2.05 – 2.00 if the development reverses.

Silver Futures Weekly Chart

Silver futures appear to have misplaced some polish because the 61% Fibonacci retracement degree holds as resistance.  The longer bearish development is undamaged because the latest excessive is in step with the earlier decrease swing highs. Within the shorter time period, the MACD signifies bullishness because the MACD and its sign are constructive, as is the distinction of the 2 (as proven by the histogram). The RSI is trending towards an overbought degree of 70, although not fairly there but. Assist exists within the space between 22.70 and 22.08 (the 52-Week Transferring Common and the 50% retracement degree).

Japanese Yen Futures Weekly Chart

The rally in Japanese Yen futures that started in October 2022 might have hit some resistance because the 50% Fibonacci retracement degree of 0.00781) has held. A peek above the 52-week transferring common will not be sufficient to maintain the Yen above it. Whereas the MACD histogram is constructive, the MACD simply crossed the 0 line, though the differential between the 2 could also be contracting (a weakening bullish indication). The RSI has turned down effectively wanting the overbought degree of 70. Ought to this rally stall and reverse, 0.00755 could possibly be a goal to the draw back. A continuation of the uptrend might see resistance at 0.00807 on the 61% Fib retracement degree.

Financial Reviews for the week of January 30th – February 3rd

Wednesday headlines the massive occasion, because the FOMC declares the Federal goal charge at 2pm ET. With the goal charge likelihood (as decided by the CME by way of buying and selling in fed fund charge futures) at 99% for a 25-basis level hike on the time of this writing, the press convention half-hour later could possibly be the place the market sees volatility and/or will get a way of path. Reviews measuring the manufacturing sector of the economic system arrive all through the week as Dallas Fed, Chicago PMI and S&P International US PMI Manufacturing are launched shortly after common market open on Monday, Tuesday and Wednesday.  The month-to-month employment state of affairs report can also be one to observe at 8:30am Friday morning.

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

Date Financial Reviews
Monday, January thirtieth 10:30 AM ET: Dallas Fed Manufacturing Survey
11:00 AM ET: Export Inspections
Tuesday, January thirty first FOMC Assembly Begins
08:30 AM ET: Employment Price Index
9:00 AM ET: Case-Shiller Residence Value Index
9:00 AM ET: FHFA Home Value Index
9:45 AM ET: Chicago PMI
10:00 AM ET: Client Confidence
03:00 PM ET: Farm Costs
Wednesday, February 1st 7:00 AM ET: Financial institution Reserve Settlement
7:00 AM ET: MBA Mortgage Purposes
8:15 AM ET: ADP Employment Report*
8:30 AM ET: Treasury Refunding Announcement
9:45 AM ET: PMI Manufacturing Last
10:00 AM ET: ISM Manufacturing Index
10:30 AM ET: EIA Petroleum Standing Report
2:00 PM ET: FOMC Announcement***
2:30 PM ET: Fed Chair Press Convention ***
3:00 PM ET: Grain Crushings
Thursday, February 2nd 8:30 AM ET: Export Gross sales
8:30 AM ET: Productiveness and Prices
10:00 AM ET: Manufacturing facility Orders
10:30 AM ET: EIA Pure Fuel Report
4:30 PM ET: Fed Stability Sheet
Friday, February third 8:30 AM ET, Employment State of affairs *
9:45 AM ET, PMI Composite Flash
10:00 AM ET, ISM Companies Index
1:00 PM ET, Baker Hughes Rig Rely

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

345 corporations report earnings subsequent week, however the focus is on FAANG (Fb, Apple, Amazon, Netflix, Google) shares as Fb (now generally known as Meta) studies on Wednesday afternoon, and Apple, Amazon, Netflix and Google report Thursday after the shut. This might have an effect on E-Mini S&P and NASDAQ 100 futures, as all three are parts of these indices. Apple can also be within the Dow, so YM futures might even see some volatility as effectively. Different Dow inventory reporting are Caterpillar and McDonalds on Tuesday. Oil corporations ExxonMobil, ConocoPhillips, Marathon Petroleum and Phillips 66 report on Tuesday and Thursday.

BMO = Earlier than Market Open
AMC = After Market Shut

Date Earnings Reviews
Monday, January thirtieth Whirlpool Corp. (WHR): $3.43 EPS Estimate, $5.12B Income Estimate (AMC)
Tuesday, January thirtieth Caterpillar, Inc. (CAT): $3.95 EPS Estimate, $16.08B Income Estimate (BMO)
Exxon Mobil Corp. (XOM): $3.32 EPS Estimate, $99.65B Income Estimate (BMO)
Normal Motors Corp. (GM): $1.63 EPS Estimate, $40.30B Income Estimate (BMO)
Marathon Petroleum Corp. (MPC): $5.54 EPS Estimate, $32.20B Income Estimate (BMO)
McDonalds Corp. (MCD): $2.45 EPS Estimate, $5.60B Income Estimate (BMO)
Pfizer, Inc. (PFE): $1.05 EPS Estimate, $24.43B Income Estimate (BMO)
Phillips 66 (PSX): $4.34 EPS Estimate, $36.85B Income Estimate (BMO)
United Parcel Service, Inc. (UPS): $3.58 EPS Estimate, $28.17B Income Estimate (BMO)
Superior Micro Units (AMD): $0.67 EPS Estimate, $5.51B Income Estimate (AMC)
Wednesday, February 1st Humana, Inc. (HUM): $1.10 EPS Estimate, $5.53B Income Estimate (BMO)
T-Cellular US Inc. (TMUS): $1.10 EPS Estimate, $21.01B Income Estimate (BMO)
Allstate Corp. (ALL): $-1.37 EPS Estimate, $11.43B Income Estimate (AMC)
Meta Platforms, Inc. (META): $2.12 EPS Estimate, $31.80B Income Estimate (AMC)
Metlife Inc. (MET): $1.76 EPS Estimate, $16.95B Income Estimate (AMC)
Thursday, February 2nd Bristol-Myers Squibb Firm (BMY): $1.72 EPS Estimate, $11.19B Income Estimate (BMO)
ConocoPhillips (COP): $2.77 EPS Estimate, $18.02B Income Estimate (BMO)
Eli Lilly & Co. (LLY): $1.91 EPS Estimate, $7.36B Income Estimate (BMO)
Alphabet Inc. (GOOGL): $0.88 EPS Estimate, $76.60B Income Estimate (AMC)
Amazon.com, Inc. (AMZN): $1.17 EPS Estimate, $145.40B Income Estimate (AMC)
Apple, Inc. (AAPL): $0.15 EPS Estimate, $122.05B Income Estimate (AMC)
Ford Motor Firm (F): $0.59 EPS Estimate, $40.36B Income Estimate (AMC)
Starbucks Corp. (SBUX): $0.77 EPS Estimate, $8.79B Income Estimate (AMC)
Friday, February third CIGNA Corp. (CI): $4.84 EPS Estimate, $45.79B Income Estimate (BMO)

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

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