2022/07/12 (048) Technical Analysis – CBOT_MINI-YM1!

The Future Of The US Economy Has Never Looked Worse!
We may Have Had A Psychological Knock Out Of The Bears In June`22?
And That`s Why This Long Trading Capability In The DOW FUTURE Aims For…


US Economic Optimism Remains Near 11-Year Low

The IBD/TIPP Economic Optimism Index in the US increased to 38.5 in July of 2022 but still remained close to an 11-year low of 38.1 hit in June. The household’s financial outlook for the next six months deteriorated further to a record low of 45.3. Meanwhile, a measure of how consumers feel about the economy’s prospects in the next six months rose to 32.2 from June’s mark of 30.6. At the same time, confidence in federal economic policies improved to 38.0 in July from 37.4 in the previous month.

Dollar Climbs On Haven, Rate Hike Bid

The dollar index traded around 108 on Tuesday, near its highest level in 20 years, as investors looked to hedge against surging inflation and recession risks with the safe-haven currency. Expectations that the Federal Reserve will continue to aggressively raise interest rates also supported the dollar, as a stronger-than-expected jobs report and upcoming US inflation data could bolster the central bank’s tightening plans. Atlanta Fed Bank President Raphael Bostic said Monday that the lack of month-to-month improvement in the pace of price increases warrants another 75 basis point rate hike later this month. Meanwhile, Kansas City Fed Bank President Esther George, a dissenter in last month’s 75 bps increase, warned against abrupt changes in rates that could stress the economy and financial markets.

US Stocks Turn Lower In Late Trade

Major US stock indices turned red in late trading as investors grew nervous ahead of tomorrow’s CPI release. Demand for safer assets rose as inflation is expected to extend its rising momentum, strengthening bets that the Fed will continue its aggressive tightening path in this month’s meeting. The Dow Jones erased early gains and closed 200 points down, while the S&P 500 and the Nasdaq both lost around 0.9%. The oil sector saw the steepest losses, tracking an 8% slide in crude futures this session amid heightened recession fears. In the meantime, traders continued to digest earnings reports and assess how corporate America dealt with sky-high consumer prices and higher interest rates during the second quarter. Airlines rallied after American Airlines announced that it expects revenues in the second quarter to surpass 2019 levels. Delta Air Lines and some big banks, including JPMorgan Chase, Morgan Stanley, Wells Fargo, and Citigroup, will report later.


                                    The Most Important Higher-Level Prizes

36832     01/05/2022    (a)  previous all-time high
35752         02/22/2022     (b)  1st interim high after all-time high
35413        04/21/2022        1st interim new high above 200SMA after 3rd low above
35281        03/29/2022      (c)  2nd interim high after all-time high
33928          12/01/2021          (1)  last low under 200SMA before all-time high
33434           05/31/2022      false break-out after reversal before lowest price33031        01/24/2022       (2)  1st interim low after all-time high
32167         02/24/2022        (3)  2nd interim high after all-time high
31867         06/28/2022      1st interim new high after lowest price
31490        07/08/2022     2nd interim high after lowest price
31148          05/12/2022     1st another interim new low after (abc) (123) reversal

30966        07/14/2022    today`s close (last trading price)

30585        05/20/2022    2nd another interim new low after (abc) (123) reversal
29639      06/17/2022       lowest price so far after all-time high