Trading Insights: Are you enjoying the bull market?
Chart 1 Source TradingView July 13th 2023 7:31 AM UTC
The above chart illustrates the previous 52-week percentage performance of key global stock indices.
- Lower US inflation data hit the US dollar hard during yesterday's US trading session after US inflation data fell more than forecast
EUR/USD breaks above the 1.10s and jumps +2.3% last 5 days, current price at time of writing 1.1140
EURUSD heading towards the 1.1275 extension? Downside risk seen below the 1.0930 support.
- OPEC cuts proving to offer price support for Crude oil. OPECs July product cuts kicking in, lifting crude oil prices
Brent crude oil price remains +11% higher during the last 30 days
Brent crude oil current price now trading above the key $80 round number. Upside extension towards the April highs near $84 can not be ruled out, downside risk seen below the $69.95 lower support (see chart)
Today’s economic calendar
Source: TradingView / J. Knobel July 13 2023 7:24 AM UTC
Earnings Season kicks off Tomorrow!
Earnings season is when most of the US exchange-traded companies report to investors their latest financials. It's a key period for stock indices since the financial performance of these companies is a reflection of either the strength or weakness of the economy.
If a company reports strong earnings it is normally viewed as a positive event for the company and vice versa. If lots of companies are reporting strong earnings it's a sign of a strong economy.
High price action is typically expected around the time before and after a company releases its earnings report.
Below is the table of a few high profile US companies that are due to report earnings this week:
Source: Tradingview July 11 2023 6:53 UTC
The above table indicates the expected earnings per share estimate for the companies that are due to report.
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Not investment advice. Past performance does not guarantee or predict future performance.
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