Source: Tradingview April 21 2023 7:12 UTC
The above chart illustrates the relative percentage performance of US gross domestic product, personal incomes, and inflation over the previous 52 weeks.
Market Talk
It's looking almost perfect
The US Fed is focused on lowering inflation and at the same time supporting economic growth, which is helping to keep personal incomes intact.
- US economic growth has advanced during most of 2022, paving the way for the Fed to fight rising inflation without crashing the economy
- US inflation has fallen from peak levels
- US personal incomes remain stable
SPX500 Index (weekly chart)
Source: Tradingview April 21 2023 7:40 UTC
SPX500 Index technical commentary:
- Current price on the weekly chart suggests that the index is consolidating the October 2022 low - January 2022 high uptrend advance. In order for the resumption of the previous multi-month uptrend to take place, price would need to clear above the 4,182 resistance which could trigger a prospective advance toward the 4,434 level. Downside below the 4,050s would increase the prospects for the index to resume the January 2022 - October 2022 downtrend.
Upcoming Events:
Today’s economic calendar
- UK retail sales missed forecast: month-on-month retail sales fell more than expected
- UK100 Index current price 7,894.5 faces resistance near the 52 week highs at 7,980; downside support around the 7,680s
Source: Quandl April 21 2023 9:23 UTC
Earnings Season:
On deck today:
Source: US100 earnings calendar April 21 2023 6:36 UTC
Today’s trading bullets
EUR / GBP bullish conditions in the short term
Source: Tradingview April 21 2023 7:22 UTC
- EUR / GBP faces resistance at 0.8866 which is spotted at the prevailing trendline resistance above current price (see chart). Despite that, current price remains below the prevailing downward sloping trendline (see chart) momentum indicators suggest that upside price momentum could lift price further higher from the 0.8720 support for a test of the 0.8866 - 0.8880 zone in the short term (14-25 days). Downside risk seen below the 0.8720 support.
Capitalise on volatility in Forex markets
Take a position on moving Forex prices. Never miss an opportunity.
Not investment advice. Past performance does not guarantee or predict future performance.
