LOOK AHEAD: Monday Data Calendar
Fed enters policy Blackout at midnight Friday through December 15.
- US Data/Speaker Calendar (prior, estimate)
- Dec-05 0945 S&P Global US Services PMI (46.1, 46.1); Composite (46.3, 46.3)
- Dec-05 1000 Factory Orders (0.3%, 0.7%); ex-trans (-0.1%, --)
- Dec-05 1000 Durable Goods Orders (1.0%, 1.0%); ex-trans (0.5%, --)
- Dec-05 1000 Cap Goods Orders Nondef Ex Air (0.7%, --)
- Dec-05 1000 Cap Goods Ship Nondef Ex Air (1.3%, --)
- Dec-05 1000 ISM Services Index (54.4, 53.5)
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US: Corporate Credit Update
Investment-grade corporate credit risk levels climbing off recent lows - looking to test early session highs in leadup to the next FOMC annc.
- Investment grade risk measured by Markit's CDXIG5 index is currently +0.697 at 89.450; CDXHY5 high yield index at 99.378 (-0.246).
- Outperforming credit sectors (tighter or least wide): subordinated Financials (-1.1), Energy (-0.7) and Sr Financials (-0.6)
- Lagging sectors (wider or least narrow): Communications (+0.2), Industrials (+0.1) and Technology steady
EURGBP TECHS: Bearish Outlook
- RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
- RES 3: 0.8980 High Sep 29
- RES 2: 0.8781/8867 High Oct 21 / 12
- RES 1: 0.8684 20-day EMA
- PRICE: 0.8604 @ 15:10 GMT Nov 2
- SUP 1: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
- SUP 2: 0.8522 Low Aug 30
- SUP 3: 0.8471 Low Aug 28
- SUP 4: 0.8408 Low Aug 24
The short-term EURGBP trend needle still points south. The print below support at 0.8579, the Oct 17 low, reinforces the current bear condition and attention is on 0.8559 next, a Fibonacci retracement. Clearance of this level would open 0.8522, the Aug 30 low. On the upside, key short-term resistance is unchanged at 0.8781, the Oct 21 high, where a break would reinstate a bullish outlook.
US STOCKS: Equity Roundup: Weaker, Consumer Discretionary Weighing
Stocks trade moderately weaker, near midmorning lows amid light position squaring ahead today's FOMC policy annc at 1400ET, Chairman Powell presser at 1430ET.
Consumer Discretionary and Communication Services sectors weighing on SPX, currently trading -18 (-0.47%) at 3847.5; DJIA -34.44 (-0.11%) at 32617.48; Nasdaq -102 (-0.9%) at 10788.72.
- SPX leading/lagging sectors: Laggers: Consumer Discretionary (-1.00%) weighed by automakers (Tesla -1.69%); Communication Services (0.96%) and Information Technology follow - media & entertainment weighing on the former (Paramount -11.22%, Warner Bros -3.07%, META -2.44% and Netflix -2.07%). Leaders: Utilities (+0.23%) and Industrials (+0.13%), Entergy (ETR) +1.68%, Consolidated Edison (ED) +1.19%.
- Dow Industrials Leaders/Laggers: Boeing (BA) outperforming +6.54 at 149.92, United Health (UNH) bounces +2.15 at 549.46 after trading broadly weaker Tue. Laggers: Salesforce.com (CRM) -6.11 at 153.71, Microsoft (MSFT) -3.03 at 225.14, Visa (V) -2.51 at 204.42.
