ES Pointing Lower Ahead of a Huge Week for Stocks
Rowan Crosby • 1 min read
ES futures are pointing to a weaker start to the trading week on the back of the US Government reopening. However, there are plenty of big data points ahead that might shake things up.
In terms of stocks, one of the biggest drivers will be US earnings season. We are already part way in with mixed results in many of the S&P 500 companies with a host more set to report in the coming days.
We also have the FOMC interest rate decision coming out. While the talk has been around the slowing of rate hikes going forward, there is not any suggestion of a hike at this meeting.
And of course, always a favourite is the US employment report. We are looking at 165K new jobs created last month which is a touch lower than the monster number we saw from the last report, but solid nevertheless.
So far today the ES Futures are -0.28% lower.
The key 2600 remains the major support in the short-term. While the most recent highs at 2800, will be the big test here.
Many are still not overly bullish on the state of equity markets so we might be rangebound for some time.