Market Trader Report V2#33

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

• Equities had a widespread decline this week, primarily driven by concerns about interest rates and some risk aversion related to the Israel-Hamas conflict.

• Uncertainty regarding a potential ground invasion by Israeli forces into Gaza weighed on market sentiment ahead of the weekend.

• Treasury market experienced volatility, with the 10-year note yield reaching 5.00% and the 2-year note yield rising.

• Fed Chair Powell's speech indicated the possibility of tighter financial conditions due to rising long-term rates.

• Dysfunction in the House of Representatives was notable, with Rep. Jim Jordan losing his Speaker of the House nominee status.

• Economic data provided a mixed picture, with strong retail sales and jobless claims but weak existing home sales and a negative Leading Indicators index.

• Earnings results were mixed, with notable performers like Netflix, Tesla, Travelers, Procter & Gamble, and American Express.

• Market performance for the week:

  • Vanguard Mega Cap Growth ETF (MGK) fell 3.0%

  • S&P 500 fell 2.4%

  • Invesco S&P 500 Equal Weight ETF (RSP) fell 2.3%

  • S&P 500 closed below its 200-day moving average.

• Only consumer staples and energy sectors saw gains, while real estate and consumer discretionary sectors had the largest declines.

• Weekly performance of major indices:

  • Nasdaq Composite: -3.2%

  • S&P 500: -2.4%

  • Dow Jones Industrial Average: -1.6%

  • S&P Midcap 400: -2.0%

  • Russell 2000: -2.3%

Weekly Performance Heatmap

Overall Stock Market Heatmap & Sector Performance

Looking Ahead to the Upcoming Week

Upcoming Key Data and Events for the Week:

United States:

• Personal income and spending for September.

• Advance print of third-quarter GDP.

• September's Personal Consumption Expenditures (PCE) Deflator.

• October purchasing managers' indexes (PMIs) for manufacturing and services from S&P Global.

• September's durable goods orders, new and pending home sales, advanced goods trade balance, and wholesale inventories.

• Release of economic measures by several regional Fed banks ahead of the next week's policy meeting.

• Treasury Department auction of $167 billion in two-, five-, and seven-year securities.

Asia:

• China's light data calendar.

• Japan's preliminary October Jibun Bank PMIs, Tokyo's Consumer Price Index (CPI), services Producer Price Index (PPI), machine tool orders, and leading index of economic indicators.

• Australia's third-quarter inflation and October PMIs.

• South Korea's third-quarter GDP.

Europe:

• European Central Bank's policy meeting.

• Release of consumer confidence data.

• First release of October eurozone PMIs for the manufacturing and services sectors.

• Germany's Ifo business climate survey, retail sales, and consumer confidence.

• France's consumer confidence data.

• British labor market data and October house prices.

Earnings Calendar

Economical Events

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