On Monday, the financial markets witnessed a series of notable events and developments, setting the tone for the week ahead.
In the realm of stocks, much of the focus was on the earnings reports of major corporations, with anticipation building around the performance of tech giant Apple.
The oil market drew attention to factors such as inventory levels and US demand, as well as demand dynamics from China, a key player in global industrial activity.
Cryptocurrency markets continued to adjust following the recent halving event, while in the forex market, there was a notable strengthening observed in commodity currencies.
Major indices displayed a lack of clear direction, reflecting a sense of caution among traders amid uncertain market conditions.
Gold, maintaining its stability, hovered around the $2330 range.
As we delve into each asset class, we’ll explore the implications of these developments and outline potential scenarios for today’s trading session.
Economic Events:
Today is shaping up to be a relatively quiet day in terms of economic data, with the main focus being on the CB Consumer Confidence data. Most market participants are looking ahead to end-of-week data releases, such as the FOMC meeting.
Overall, today seems to be a subdued day in the markets in terms of economic data.
Source:Dailyfx
Earnings:
It could be argued that earnings reports from companies such as Amazon, PayPal, and AMD are among the most important ones to watch. Amazon, with an estimated EPS of 0.8445 and revenue of 142.65 billion, will release its earnings report after the market closes. On the other hand, Eli Lilly released its earnings report before the market opened, showing growth in EPS from the market estimate of 2.48 to 2.58, while reporting slightly lower revenue than the market estimate, at 8.77 billion compared to the estimated 8.94 billion dollars. Similarly, Coca-Cola also posted positive earnings results. Among these companies, Amazon’s impact on the market index will likely be significant, given its market cap of 1.88 trillion, which will undoubtedly be influential.
Source : Earningswhispers
Gold (XAUUSD):
It seems that gold, after dispelling geopolitical fears, has taken on a more bearish stance this week. In the event of breaking below the support range of 2296, the precious metal could potentially advance towards the range of 2173.
S&P500:
The S&P 500 index has seen a relatively good bullish phase since the beginning of this week and the release of earnings reports. In case the upward momentum continues,
The range of 5144 is expected to be reached if the upward momentum continues.
Foreign Exchange Market (FOREX):
As a result of the lower-than-expected PMI data for China’s non-manufacturing sector and the released PMI data for Australia and New Zealand, the Aussie and Kiwi currencies were significantly affected in the forex market. The Euro, following the inflation data release and higher-than-expected figures, also positions itself among the strong currencies in the market before the opening of the U.S. trading session.
Bitcoin (BTC):
Bitcoin has remained mostly neutral since the halving. However, price action analysis of Bitcoin suggests a tendency among sellers to cash out or engage in profit-taking. This is because every demand eventually meets resistance. It remains to be seen whether the support level at $61,120 can withstand further price declines or not.
US Crude Oil WTI :
With increasing demand, oil is currently moving towards the next TPO level, which is around $84 per barrel, representing the high of the recent downward movement. Overall, the demand from China and the OPEC report this week are crucial for oil. It remains to be seen how China’s demand and the inventory situation in the United States will be reported this week.
The MTC team wishes you a great day ahead!
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