Market Trader Report V2#32

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

• The week began with news of Israel declaring war on Hamas after a surprise Hamas attack over the weekend.

• Concerns about a wider regional conflict weighed on market sentiment.

• Reports suggested the Israel-Hamas conflict remained primarily a two-party dispute.

• Geopolitical tensions increased when Israel issued an evacuation warning to 1.1 million residents in the northern Gaza Strip, hinting at a possible ground offensive in Gaza.

• Iran's foreign minister warned of potential reactions to Israel's continued blockade of Gaza.

• Despite these geopolitical uncertainties, the stock market performed reasonably well, aided by lower Treasury yields and technical buying.

• Buyer confidence waned as the week progressed.

• The 10-year note performed well due to safe-haven flows and expectations of future improvements in inflation rates.

• The 2-year note yield fell slightly, while the 10-year note yield decreased noticeably.

• Treasury auctions for the 3-year note, 10-year note, and 30-year bond faced weak demand.

• Geopolitical tensions prompted a rush of safe-haven flows to offset the prior sell-off.

• Federal Reserve officials expressed concern about the impact of rising long-term interest rates on financial conditions.

• Oil prices rose due to heightened geopolitical worries.

• WTI crude oil futures increased by 6.0% to $87.80 per barrel.

• Eight S&P 500 sectors posted gains, with the energy sector leading.

• The consumer discretionary sector experienced the largest decline.

• Earnings season began with positive results from companies like JPMorgan Chase, Wells Fargo, Citigroup, and UnitedHealth.

• In other news, the House of Representatives failed to elect a new Speaker.

• Rep. Steve Scalise won the GOP conference vote but withdrew due to insufficient support.

• This leadership void raised uncertainty about Congress reaching a budget agreement before the November 17 deadline.

• Weekly Performance Heatmap

Overall Stock Market Heatmap & Sector Performance

Looking Ahead to the Upcoming Week

United States:

• Investors will closely watch several economic indicators in September, including retail sales, industrial production, and the Conference Board's leading economic indicators.

• Housing market data, including existing home sales, housing starts, and building permits for September, will be released.

• The National Association of Home Builders will provide the October homebuilder sentiment.

• The Federal Reserve will release its Beige Book regional survey.

• Regional business surveys from the Philadelphia and New York Fed Districts for October are also expected.

• The U.S. Treasury department will conduct auctions for five- and 20-year securities, totaling $35 billion.

Asia:

• China's third-quarter Gross Domestic Product (GDP) growth will be a major focus.

• Other key releases include September's industrial production, retail sales, and fixed asset investment in China.

• Japan will release national CPI and trade balance data for September, along with August's industrial production and Tertiary Industry Index.

• The Bank of Korea will have a policy meeting.

• Australia will provide labor market data.

Europe:

• The finalized eurozone Consumer Price Index (CPI) for September and ZEW expectations for economic growth in October will be of interest.

• The UK will release labor market data, September's CPI, retail sales, and October consumer confidence.

• France will provide retail sales data for September and manufacturing confidence for October.

• Germany's September Producer Price Index and the ZEW survey on October business conditions will also be watched.

Earnings Calendar

Economical Events

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