
Weeks Review into W/C 25th July 2022

Last Weeks Summary
Weeks Summary
Despite a large pullback onOvernight Session More Friday from the 4016 ES futures gap More level, US equity markets rebounded this week, with the ES posting sizable gains as a result of stronger-than-expected corporate earnings. The S&P 500 gained 2.6 percent, and the Nasdaq gained 3.3 per cent. US Treasuries rose this week as investors sought safe-haven assets amid growing fears of a recession and further tightening by the world’s central banks. The 10-year US Treasury note yield fell 13 basis points (bps) onOvernight Session More Friday, ending the week at 2.78 per cent. Meanwhile, oil prices ended the week lower, having risen earlier in the week before falling due to lower domestic demand for gasoline. The price of West Texas Intermediate (WTI) crude ended Friday’s session just under $95 per barrel.
Events Calendar:
KEY TAKEAWAYS
- Earnings season enters its busiest week of the earnings calendar, with big tech firms including Apple, Amazon, Microsoft, Google parent Alphabet, and Facebook parent Meta Platforms scheduled to report earnings.
- Federal Reserve policymakers will gather for the two-day July policy meeting of the Federal Open Market Committee (FOMC) onOvernight Session More Tuesday and Wednesday; Fed officials are widely expected to raise rates by at least 75 basis points (bps).
- The advance estimate for second quarter U.S. GDP growth will be released Thursday, providing valuable clues at to whether the U.S. economy is headed toward a recession.
- Further updates onOvernight Session More the housing market are expected with the release of the Case-Shiller National Home Price Index tracking price gains in May, along with new and pending home sales tracking the month of June.
Events Calendar:
Monday, July 25
Newmont Corp. (NEM), Ryanair (RYAAY), and Whirlpool (WHR) report earnings
Chicago Fed National Activity Index (June)
Dallas Fed Manufacturing Index (July)
Tuesday, July 26
OnOvernight Session More Tuesday, the earnings spotlight will be onOvernight Session More Microsoft and Alphabet—the parent company of Google—as the two tech giants report their second-quarter earnings. Meta Platforms, the parent company of Facebook, will report onOvernight Session More Wednesday, followed by earnings from Apple and Amazon onOvernight Session More Thursday. Upbeat earnings are expected from Google parent Alphabet, driven by surging sales revenue from its cloud computing business. Microsoft earnings will also be of particular interest after the company reported increased first-quarter revenue from its business productivity and cloud computing segments.
Microsoft (MSFT), Alphabet (GOOG), Visa (V), Coca-Cola Company (KO), McDonald’s (MCD), United Parcel Service (UPS), Texas Instruments (TXN), Raytheon (RTX), Mondelez International (MDLZ), Chubb Limited (CB), 3M (MMM), Stryker (SYK), General Electric (GE), UBS (UBS), Moody’s (MCO), Centene (CNC), General Motors (GM), Kimberly-Clark (KMB), Chipotle (CMG), MSCI Inc. (MSCI), and Enphase Energy (ENPH) report earnings
Day 1 of July FOMC Policy Meeting
S&P Case-Shiller National Home Price Index (May)
Freddie Mac National House Price Index (May)
New Home Sales (June)
CB Consumer Confidence (July)
Richmond Fed Manufacturing Index (July)
Wednesday, July 27
Meta Platforms (META), Qualcomm (QCOM), T-Mobile (TMUS), Bristol-Myers Squibb (BMY), Boeing (BA), ADP (ADP), CME Group (CME), Sherwin-Williams (SHW), Humana (HUM), General Dynamics (GD), Norfolk Southern (NSC), Ford (F), Shopify (SHOP), Kraft Heinz (KHC), O’Reilly Automotive (ORLY), Banco Santander (SAN), Cognizant (CTSH), Lloyds Banking Group (LYG), Barclays (BCS), Hilton (HLT), Suncor Energy (SU), Hess Corporation (HES), Canon (CAJ), Duke Realty (DRE), Spotify (SPOT), Garmin (GRMN), Deutsche Bank (DB), Etsy (ETSY), and Morningstar (MORN) report earnings
Day 2 of July FOMC Policy Meeting; Interest Rate Decision
Retail and Wholesale Inventories (June)
Durable Goods Orders (June)
Goods Trade Balance (June)
Pending Home Sales (June)
Thursday, July 28
OnOvernight Session More Thursday, the Bureau of Economic Analysis (BEA) will release the advance estimate for second-quarter U.S. gross domestic product (GDP) growth, indicating whether the U.S. economy expanded or contracted during the second quarter.
Apple (AAPL), Amazon (AMZN), Mastercard (MA), Pfizer (PFE), Merck (MRK), Thermo Fisher (TMO), Comcast (CMCSA), Intel (INTC), Linde (LIN), Sanofi (SNY), Honeywell (HON), American Tower (AMT), Altria (MO), Northrop Grumman (NOC), Canadian Pacific Railway (CP), Edwards Lifesciences (EW), Keurig Dr. Pepper (KDP), Hershey (HSY), Valero Energy (VLO), Stellantis (STLA), Xcel Energy (XEL), T. Rowe Price Group (TROW), Sirius XM (SIRI), Southwest Airlines (LUV), Willis Towers Watson (WTW), Roku (ROKU), and First Solar (FSLR) report earnings
U.S. Real GDP Growth Rate – Advance Estimate (Q2 2022)
Real Consumer Spending (Q2 2022)
Kansas Fed Composite
In addition to monitoring the previous day's Market prof... More Index (July)
Friday, July 29
ExxonMobil (XOM), Procter & Gamble (PG), Chevron (CVX), AbbVie (ABBV), Astrazeneca (AZN), Sony (SONY), Charter Communications (CHTR), Enbridge (ENB), Colgate Palmolive (CL), Takeda Pharmaceuticals (TAK), Phillips 66 (PSX), and CBOE Global Markets (CBOE) report earnings
Personal Income and Spending (June)
Personal Consumption Expenditures (PCE) Price Index (June)
Chicago Purchasing Managers’ Index (PMI) (July)
Michigan Consumer Sentiment Index – Final Reading (July)
Weekend Reading:
Federal Reserve’s July Policy Meeting
OnOvernight Session More Tuesday and Wednesday of next week, officials from the U.S. Federal Reserve will gather to attend the two-day July policy meeting of the Federal Open Market Committee (FOMC). The nation’s central bank is widely expected to raise its benchmark federal funds rate by a minimum of 75 basis points (bps) in order to tame persistently high inflation. Since March, the Federal Reserve has raised its benchmark rate by a cumulative 150 basis points, to a current range of 1.5 to 1.75%, most recently conducting a 75 bp rate hike at its June policy meeting. Fed policymakers are now projecting a year-end fed funds rate of 3.25 to 3.5%, with an additional rate hike expected in September.
https://think.ing.com/articles/federal-reserve-on-track-for-another-75bp-hike/
Weekly Review

‘P’ Distribution Week
H: 4016.25 L: 3820 VPOCThe POC or Point-of-control is the price where the most amou... More 3935 MID 3920 VWAP 3940 SETTLE: 3965
MONITORING: 4016- High | 3920-Upper distribution Low, MID and daily singles
Price ActionPrice action More Review

Why look at the Weekly and Monthly?
Using the composite
In addition to monitoring the previous day's Market prof... More profiles gives me a lot of clarity in understanding the market. Understanding the story and the basic mechanics of what is going onOvernight Session More simplifies almost every other aspect of my trading, especially timing.
By identifying areas of balance/ acceptance in the auction I have a natural edge. I can identify value and the pivots of change. In balance I look to fade the extremes, when activity leaves an area of acceptance, I monitor for strength and conviction of the move. For this, I use volume and value as a guide. As a general rule, if a move is genuine, volume and value will move in away from prior acceptance to a new area.
Monthly Profiles
Interesting monthly VPOC has remained at 3856.

Monthly Multi Distribution,
H 4016 L 3723 VPOCThe POC or Point-of-control is the price where the most amou... More 3856
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UPDATE: