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U.S. benchmarks still pointed lower ahead of the bell and several macro narratives have been weighing on the tape. Still, all things considered, this is a very expected pullback after the S&P and NQ both went a little too far, a little too quickly.
This week’s economic calendar will not test last week’s supportive footprint until Friday’s Flash PMIs, but we dive headfirst into earnings season and hear from both the Bank of Canada and the ECB ahead of next week’s FOMC meeting.
Retail Sales, NY Empire State Manufacturing, Philadelphia Fed Manufacturing, and Weekly Jobless Claims all came due at 7:30 a.m. CT. Industrial Production was released at 8:15 a.m. CT and will be followed by a lineup of Fed speakers through the afternoon.
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
Let’s face the facts here: It’s easy to blame the market and commiserate with other traders, but it’s a lot harder to think for yourself and look for the silver lining after a bad trade.
Core CPI came in far from the feared hot read. Additionally, after St. Louis Fed President James Bullard correlated a 75% vaccination rate as a baseline for taper talk, the Johnson & Johnson news could’ve been broadly supportive.
Fed Chair Powell has continued to emphasize his rhetoric that an acceleration in inflation through the summer is only expected to be transitory due to expected base data. Still, we didn't want to see the data run away and bring cause for policy to be reactionary.
Chair Powell's interview gives credence to the Fed’s patience with its unprecedented policy measures and rhetoric of symmetrical inflation targeting. Coincidentally, the story comes ahead of tomorrow’s pivotal CPI read and a deluge of Treasuries hitting the market.
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
U.S. benchmarks finished Q1 and started Q2 with fireworks before Friday’s Nonfarm Payroll report brought added tailwinds. We now view the next 2-3 sessions as critical in solidifying investors’ appetite for the next 3-week narrative and defining a very bullish technical breakout.