Market Trader Report V2#25
Market Trader Report V2#25
MyntBit's Market Trader Report brings potential setups for futures & stocks with a time horizon from days to weeks depending on price action. The following research is based on Fundamentals, Technical & Options Analysis.
What is included in this week's edition?
WEEKLY REVIEW: An overview of current market standing, fundamental matters with implications upon the market, and general sentiment regarding the major US indices.
LOOKING AHEAD: Key takeaways to consider as we look forward to the upcoming trading week.
FUTURES MARKETS: ES, NQ, RTY - A technical review of the major indices, futures, and commodities that represent the overall health of the market.
SPDR SECTORS & ETFs: SPY, QQQ, IWM - An in-depth review of the SPDR sectors with keynotes on market strength, opportunities, and relative rotation.
Market Trader by MyntBit
Weekly Review
In the past week, major stock indices experienced losses due to rising market interest rates and continued negative momentum from August. Some trading sessions had lower-than-average volume, typical for late summer. The S&P 500 broke through its 50-day moving average and the 4,400 support level for the first time since March but exhibited a consolidation pattern seen this month.
The increase in Treasury yields, with the 10-year note reaching its highest level since November 2007 at 4.31%, contributed to selling pressure in the stock market. This rise was partly driven by concerns about supply issues and data suggesting a scenario of ongoing inflation, which might prompt the Fed to consider raising interest rates again.
The release of FOMC Minutes from the July meeting led to some market volatility, as they contained hawkish statements about inflation risks. Global growth concerns, particularly related to China, also weighed on stocks. China reported weaker-than-expected economic data, and the property developer Evergrande filed for bankruptcy protection in the U.S. The People's Bank of China responded by reducing lending rates and intervening in the foreign exchange market.
Bank stocks faced pressure after warnings from Fitch Ratings and Moody's about potential downgrades. On the earnings front, Home Depot and Cisco reported positively, while Walmart saw a decline. Target, TJX Cos., and Applied Materials were among the standout winners.
Weekly Performance Heatmap
Overall Stock Market Heatmap & Sector Performance
Looking Ahead to the Upcoming Week
Investors will be closely monitoring several economic data releases in the coming week. In the United States, they will be focusing on the release of the Federal Open Market Committee's meeting minutes from July 26th, along with data for July's retail sales, industrial production, the Conference Board's Leading Index, and import prices. Housing market data includes June's National Association of Home Builders' Housing Market Index, July's building permits, and housing starts. Additionally, August business surveys from the New York and Philadelphia Federal Reserves are on the agenda.
In Asia, attention will be on Chinese data for July, including retail sales, industrial production, and fixed assets investment. From Japan, there will be second-quarter Gross Domestic Product (GDP) figures, June's core machine orders, Tertiary Industry Index, capacity utilization, finalized industrial production, and July's nationwide Consumer Price Index (CPI) and trade balance. Australia will release second-quarter wages data and July's labor force survey and Westpac Leading Index.
In Europe, the highlight will be second-quarter Eurozone GDP and employment figures, along with June's industrial production, finalized July CPI, and the August ZEW economic expectations survey. The U.K. will provide data on July's CPI, Retail Price Index, retail sales, jobless claims, June's unemployment rate and weekly earnings, and August's consumer confidence. Germany will release a survey on economic growth and the current situation for August, along with July's Wholesale Price Index.
Earnings Calendar & Economical Events
