Not a lot of top-tier reports scheduled for release this week, but that doesn’t mean the majors won’t see any action this week. Here are potential inflection points and catalysts!
1-Hour Charts of the Majors
Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA
1. FOMC meeting minutes and U.S. retail sales – These are the only top-tier releases scheduled from Uncle Sam this week, which reads to me like opportunities for traders to price in their biases on the Fed’s willingness to raise rates by another 25 basis points by the end of the year. So far signs are pointing to another rate hike, but watch out for a stray comment here and there that might inspire volatility!
2. More missiles from North Korea? – Last Friday the possibility of another missile launch from North Korea kept the dollar bulls from extending their post-NFP action.
See, word around the hood is that Kim Jong Un and his friends are planning something bigly to celebrate the founding of its Communist Worker’s Party and the Kim dynasty of rulers this week. Keep your eyes glued to the tube!
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