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Market Trader Report V2#34
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Market Trader Report V2#34

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.

MyntBit
Oct 29, 2023
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BitResearch by MyntBit
BitResearch by MyntBit
Market Trader Report V2#34
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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

Our Performance Overview
  • The S&P 500 had a tough week, ending 10.3% lower than its July 31 high.

  • Both Invesco S&P 500 Equal Weight ETF (RSP) and market-cap weighted S&P 500 fell 2.5%.

  • Only utilities sector (+1.2%) saw gains; the communication services (-6.3%) and energy (-6.2%) sectors had significant declines.

  • Alphabet (GOOG) saw a 9.8% decline due to disappointing cloud business growth, while Meta Platforms (META) fell 3.9% after an earnings report.

  • Positive reactions for Microsoft (MSFT) and Amazon.com (AMZN) after their quarterly results.

  • Several blue-chip companies had better-than-expected earnings, including Verizon (VZ), Coca-Cola (KO), Dow (DOW), RTX (RTX), General Electric (GE), and 3M (MMM).

  • Geopolitical tension heightened with US airstrikes in Syria and Israel expanding operations in Gaza.

  • Economic data included 4.9% real GDP growth in Q3 and ongoing concerns about inflation.

  • Treasury yields saw declines, with the 2-yr note yield at 5.03% and the 10-yr note yield at 4.85%.

  • Rep. Mike Johnson (R-LA) was elected Speaker of the House with unanimous Republican support.

Weekly Performance Heatmap

Overall Stock Market Heatmap & Sector Performance

Looking Ahead to the Upcoming Week

Key events and data releases for the upcoming week include:

United States:

  • Federal Reserve's October 31 - November 1 policy meeting.

  • October jobs report, private unemployment data, and Job Openings and Labor Turnover Survey (JOLTS).

  • October PMIs for manufacturing and services from the Institute for Supply Management.

  • Finalized readings from S&P Global.

  • August home prices, September construction spending, and factory orders.

  • October consumer confidence and Chicago PMI.

  • Measures of labor costs and productivity for the third quarter.

Asia:

  • Chinese October PMIs for manufacturing and services sectors, including official government release and private data from Caixin.

  • Bank of Japan's early-week policy meeting.

  • Updates on Japan's jobless rate, retail sales, consumer confidence, and industrial production.

  • South Korea's updates on October's Consumer Price Index (CPI), trade balance, and manufacturing PMI.

  • Australia's releases include building approvals, trade balance, and a measure of inflation.

Europe:

  • First looks at third-quarter GDP and October's CPI for various European countries.

  • October's finalized manufacturing PMIs and eurozone consumer confidence.

  • Bank of England's policy meeting.

  • British data releases, including house prices and mortgage approvals.

  • France's industrial production and Producer Price Index.

  • Germany's unemployment change and trade balance.

Earnings Calendar

Economical Events


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