Dollar, Euro Show Stability Ahead Of Draghi, Yellen At Jackson Hole
A sense of calm remains across global markets (exception being the cryptocurrency that goes by the name of ‘Ripple’), as today marks the start of the Jackson Hole Economic Symposium. Tomorrow is when matters really get interesting, as we’re going to hear from both Fed Chair Janet Yellen and ECB President Mario Draghi. While the theme […]
GBP/USD Weekly L3 And D H4 Confluence In Downtrend
The GBP/USD broke below 1.2020, the weekly L3 level, thus turning the support into a resistance. The pair started to retrace towards the POC zone 1.2830-50 (Order block, ATR high, trend line, D H5, EMA89). The price could reject there towards the 1.2880 and 1.2770. Only a break below 1.2768 could spur additional weakness in […]
J.M. Smucker Downgraded On Challenged Coffee, Pet Food Outlook At JPMorgan
JPMorgan analyst Ken Goldman downgraded J.M. Smucker to Neutral from Overweight after the company’s Q1 earnings report and guidance cut, stating that it is becoming “increasingly clear” that the company’s position within the categories of coffee and pet food is “highly challenged.” While the company lowered guidance, he does not think it cut its forecast […]
Weekly Unemployment Claims: Up 2K, Still Beats Forecast
Here is the opening statement from the Department of Labor: In the week ending August 19, the advance figure for seasonally adjusted initial claims was 234,000, an increase of 2,000 from the previous week’s unrevised level of 232,000. The 4-week moving average was 237,750, a decrease of 2,750 from the previous week’s unrevised average of […]
Market Odds Of Government Shutdown Surge: Republican Sees “Chances As High 75%”
One week after Goldman raised its odds for a government shutdown from 33% to 50%, days after Treasury Secretary Steven Mnuchin issued the loudest warning yet that the debt ceiling situation has to be resolved over the next month, and one day after Compass Point said that after Trump’s Phoenix rally shutdown threat, the “odds of a government shutdown […]
J. M. Smucker (SJM) Lags Q1 Earnings And Revenues
The J. M. Smucker Company (SJM – Free Report) engages in the manufacture and marketing of branded food products worldwide. The company’s primary products include coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings and canned milk. Strong organic sales growth, product innovation and constant efforts to expand through acquisitions have remained the company’s […]
EC JNJ Bulls Be Warned… An Elliot Wave Approach
One of our stocks in focus is JNJ US (Johnson & Johnson). Share price is testing important short-term support trend line. Breaking below $132.50 will be an important bearish signal. Price has entered the Ichimoku cloud and is in a neutral trend. Breaking below the trend line will increase the chances of breaking below the […]
Jackson Hole Starts Today, Fireworks Come Tomorrow For EUR/USD
Video length: 00:08:18 The US Dollar has done very little this week, with the DXY Index down barely -0.1% thus far on the week. FX markets continue to wait for perhaps the most important event over the past few months: the Federal Reserve’s Jackson Hole Economic Policy Symposium from Thursday to Saturday. Indeed, while this […]
Morning Call For Thursday, August 24
OVERNIGHT MARKETS AND NEWS Sep E-mini S&Ps (ESU17 +0.17%) this morning are up +0.07% and European stocks are up +0.45% before today’s start to the 3-day annual conference in Jackson Hole, Wyoming for global central bankers. Speeches from Fed Chair Yellen and ECB President Drahi will be parsed for any hints of when the central […]
Bulls Fading Into The Fall
Based on the latest weekly sentiment data from AAII, it appears that investors are growing increasingly concerned about the market as bullish sentiment declined from an already low 34.17% down to 28.1%. That’s the lowest weekly reading since June 1st, right before the volatility in the FANG stocks really got going and the largest weekly decline […]
