Market Trader Report V2#31
Market Trader Report V2#31
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
Stock market performance in the first week of the new month:
S&P 500 gained 0.5%
Nasdaq Composite gained 1.6%
Dow Jones Industrial Average declined by 0.2%
Russell 2000 declined by 2.2%
Mega cap performance:
Vanguard Mega Cap Growth ETF (MGK) gained 2.5%
S&P 500 gained 0.5%
Invesco S&P 500 Equal Weight ETF (RSP) fell 1.2%
S&P 500 sector performance:
Eight out of 11 sectors closed in the red.
Declining sectors:
Energy (-5.4%)
Consumer staples (-3.1%)
Utilities (-2.9%)
Gaining sectors:
Information technology (+3.1%)
Communication services (+2.9%)
WTI crude oil futures declined by 8.8% to $83.04/bbl, impacting the energy sector.
Treasury yields:
10-yr note yield increased by 20 basis points to 4.78%
2-yr note yield rose by two basis points to 5.06%
Yield movement attributed to:
Rate hike expectations recalibration due to a strong September employment report.
Nonfarm payrolls increased by 336,000 (consensus 158,000).
Upward revisions to July and August data totaling 119,000 more jobs.
Average hourly earnings growth moderated to 4.2% year-over-year from 4.3% in August.
Other notable data:
September ISM Services PMI showed a modest deceleration.
September ISM Manufacturing PMI showed a deceleration in the pace of contraction compared to August.
Political uncertainty:
House voted 216-210 to remove Kevin McCarthy as Speaker of the House.
Likely to complicate negotiations to avoid a government shutdown after November 17, as business in the House will be stalled until a new Speaker is elected.
Weekly Performance Heatmap
Overall Stock Market Heatmap & Sector Performance
Looking Ahead to the Upcoming Week
Key Events in the U.S.:
Producer Price Index (PPI) to be released on Wednesday.
Consumer Price Index (CPI) to be released on Thursday.
Federal Open Market Committee's September 20 meeting minutes to be closely watched.
Preliminary reading on October consumer sentiment and inflation expectations from the University of Michigan.
Other Notable U.S. Releases:
September's import prices.
Monthly budget statement.
Small business optimism.
Inflation expectations from the New York Federal Reserve.
U.S. Treasury department to issue $101 billion in 3-, 10-, and 30-year securities.
Asia Focus:
China to release major data including CPI, PPI, trade balance, and money supply growth for September.
Japan's releases include September’s PPI and machine tool orders, along with August’s balance of payments and core machine orders.
Australia's business and consumer confidence reports will be of interest.
South Korean unemployment rate for September will also be released.
Europe Highlights:
France and Germany to finalize September CPIs.
Germany to release industrial production for August and September’s current account balance and Wholesale Price Index.
U.K. to release August’s industrial production, monthly Gross Domestic Product, trade balance, and measures of house prices.
Earnings to watch this week:
Thursday: Delta (DAL)
Friday: Bank Earnings (Citibank, Wells Fargo, JP Morgan)
Earnings Calendar
Economical Events