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Technical Update: Potential Bottom Forming?

What’s in Today’s Report:

  • Technical Update: Still Trending Lower But Potential Prospects of a Bottom Forming
  • Charts: S&P 500 Downside Target Reached, VIX in Compressing Range

Stock futures are modestly higher with global shares amid positive news out of China regarding covid policies.

China announced shortened quarantine times for incoming visitors in the latest move to ease covid-restrictions and potentially move away from their zero-Covid policy stance.

Economically, the German GfK Consumer Climate Index for July was no worse than feared at -27.4 vs. (E) -27.9 which is easing concerns about a swift drop-off in global economic growth.

Today, there are several economic reports to watch for: International Trade in Goods (E: -$102.0B), Case-Shiller Home Price Index (E: 1.8%), and most importantly Consumer Confidence (E: 101.0). Investors will want to see a continued slowdown in the data, but not to the degree that would raise concerns about a “hard landing.”

Two Fed officials are also scheduled to speak today: Barkin (8:00 a.m. ET) and Daly (12:30 p.m. ET) and there is a 7-Yr Treasury Note auction at 1:00 p.m. ET that could move yields and influence stock trading.

 

Sevens Report Q2 ’22 Quarterly Letter Coming July 1.

The Q2 2022 Quarterly Letter will be delivered to advisor subscribers on Friday, July 1.

With several key macro issues coming to a head over the next three months, we believe Q3 could be just as volatile as Q2.

We deliver the letter on the first business day of the new quarter because we want you to be able to send your quarterly letter before your competition (and with little-to-no work from you).

You can view our Q1 ’22 Quarterly Letter here.

To learn more about the product (including price) please click this link, and if you’re interested in subscribing please email info@sevensreport.com.