Let’s have a look ahead on what to expect this week:
Tuesday: We highlight the Reserve Bank of Australia’s latest meeting minutes released early in the Asian session and the speeches from Fed Chair Powel, ECB’s President Lagarde and BoE’s Governor Bailey. On the earnings front we note, Coca Cola, Philip Morris, General Motors, Lockheed Martin and Northrop Grumman.
Wednesday: We note BoJ’s Core CPI early in the morning, the latest home sales data from the United States and the quarterly earnings results from Alphabet, Tesla, IBM, AT&T, T-Mobile and Iberdrola.
Thursday: On a rather packed day, we note plethora of preliminary manufacturing and services PMI results from Germany, France, Eurozone as a whole, the UK and the United States, but also the highlight of week which is the European Central Bank’s interest rate decision for its July meeting. As for earnings, we note Louis Vuitton, Nestle, Total Energies, Intel and Honeywell.
Friday: Finally, Friday we end the week with the UK’s core retail sales data, the latest durable goods orders from the United States and earnings from Volkswagen and ENI energy.
Technical Analysis
S&P500 Chart – S&P500 continues to scale record highs yet at a slower pace
Resistance: 6350 (R1), 6500 (R2), 6650 (R3)
Support: 6150 (S1), 5980 (S2), 5800 (S3)
