At Extreme Investor Network, we are always on top of the latest trends and news in the stock market, trading, and Wall Street. Today, we are focusing on key events happening in the European Central Bank (ECB) and US economic calendar that could impact investor decision-making.
The ECB has been a major player in the market, with increasing support for a July rate cut. This could potentially drive buyer demand for DAX-listed stocks. ECB Executive Board member Luis de Guindos is scheduled to speak, along with ECB President Christine Lagarde and Executive Board member Piero Cipollone attending the G20 Finance Ministers and Central Bank Governors meeting. Additionally, notable companies like L’Oreal, Danone, and Sartorius AG will be releasing their earnings results, which can also influence market sentiment.
Over in the US, investors will be keeping an eye on jobless claims and the Philly Fed Manufacturing Index. A surprise fall in jobless claims could sway expectations on a 2024 Fed rate cut, while a larger-than-expected drop in the Philly Fed Manufacturing Index could impact sentiment towards the US economy. Furthermore, FOMC members Michelle Bowman, John Williams, and Raphael Bostic are scheduled to speak, potentially providing insight on interest rate cuts.
As for the near-term outlook, trends for the DAX will be influenced by ECB and Fed guidance, as well as corporate earnings. News updates from the Middle East are also worth monitoring for potential market impact. In Futures trading, the DAX and Nasdaq mini were showing positive momentum.
Technical indicators for the DAX suggest bullish signals, with the index hovering above the 50-day and 200-day EMAs. A potential move towards the 18,000 handle could be on the horizon if the bullish trend continues. However, a drop below the 50-day EMA could trigger a bearish run towards the 17,615 support level. The 14-day RSI at 41.68 indicates a potential drop to 17,500 before entering oversold territory.
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