Technical Take – All Time Highs (Bull vs. Bear Case)
What’s in Today’s Report:
- Technical Take – All Time Highs (Bull vs. Bear Case)
Futures are little changed following a generally quiet night of news as markets digested the new highs.
There was no notable news on the U.S. and Iran overnight and the consensus view is that the ceasefire will be extended with an announcement coming any day.
Today focus will remain on Iran although as mentioned, a ceasefire extension is already priced in so if/when that’s announced, it likely won’t be an incremental positive catalyst.
Away from geopolitics, there are three notable economic reports including: Jobless Claims (E: 215K), Philly Fed (E: 12.0) and Industrial Production (E: 0.1%). Given stagflation fears, solid activity that’s near expectations will be welcomed by markets. There are also two Fed speakers today, Williams (8:35 a.m. ET) and Miran (10:35 a.m. ET), with Williams the more important of the two (he’s part of Fed leadership). If he’s a bit hawkish, that could marginally pressure markets.
Finally, earnings season continues to heat up with several important results today including: TSM ($3.31), ABT ($1.14), PEP ($1.55), NFLX ($0.76), AA ($1.60).