Daily Market Outlook, January 26, 2023


Daily Market Outlook, January 26, 2023 Asian Markets Back Online & In Flying Spirits With Hong Kong Scaling 7-Month Highs Asian markets are trading in a mixed tone, the notable exception being the Hong Kong market, which opened with strong posture risk as the Hang Seng printed fresh seven-month highs. Wall Street’s delivery was mixed, however, with all major indexes staging significant intraday reversals from lows to close broadly unchanged in the session, overnight Tesla earnings provided support for bulls as earnings and revenue beat estimates, although margins contracted, Tesla shares were seen up 5.5% in aftermarket business. With no economic data of note for European business, investor focus shifts to the US session, where US Q4 GDP is released this afternoon. Markets expect the print to confirm a second consecutive quarter of growth reversing declines witnessed in the first half of 2022, softness seen in some December inputs suggests that growth may be lower than previously expected, however, growth is expected to confirm 2.2-2.6% annualized increase quarter over quarter. It is believed that the Fed still views this as warmer than desired levels of activity, the policy response to this level of growth is likely to see the FOMC maintain a cautious tone at February 1, with markets fully pricing in a move of 0.25bps, any. surprise from the data would like to see markets quickly reprice a 50bps move, the data comes during the Fed idle period, so markets won’t get any response from Fed officials. Other notable US data comes in the form of weekly jobless claims, expected to show a small increase, signaling some softness in the employment outlook, another round of housing data is expected to confirm continued pressure in the sector, with sales of new homes expected to cool further. in December dropping from 640k to 617k Market, European stock markets opened on the front foot, supported by Tesla’s earnings and the optimistic outlook provided by Tesla CEO Musk, robust earnings from STMicroelectronics were well received, helping to cement the constructive opening to European business with the FTSE & Eurostoxx in green. US equity futures are also in positive territory as the Dollar remains under pressure below the 102 level, supporting EUR and GBP. Crude continues to cling to the $80 handle with Gold closing on the 1950 target.Overnight News from NotoBitcoin Surpasses $23.7K On Wednesday’s Return – CoinDeskAsian Stocks Scale Fresh 7-Month High As Hong Kong Trade ResumesChina Stocks Rally In Hong Kong As Holiday Politicians RecoverBoJ Politicians recovers Divided On Wage, Inflation Outlook, Jan Opinions Show BOJ Fear Turning Hawkish Spurs 94% Jump In Shorter Bond Selling. US Economic Growth to Slow in Fourth Quarter of 2022 Housing Demand Climbs as US Market Begins to Show Signs of Life US and Germany Send Main Battle Tanks to Ukraine BoC’s Macklem Says He’s ‘Not Even Thinking’ About Cutting Rates. UK Business Confidence falls to lowest since financial crisis. After Record Profits, Tesla Seeks to Quickly Boost Production as Profit Beats Estimates IBM to Cut About 3,900 Workers, Still Hiring in ‘Higher Growth’ AreasDOT Probes Southwest Airlines Planning After Vacation-Travel MeltdownChina Stocks Rally in Hong Kong as Vacation Spending Recovers (Sourced) from Bloomberg, Reuters and other trusted financial news outlets) Options Expiry For the New York Cut 10am EST (BOLD expires worth a Billion+ more magnetic if price is within the daily trading range)USDJPY 130.00USDCHF .9795Technical and Trading ViewsSP500 Bias: Intraday Bullish Up Bullish Below 3985Main support is 3885Main target is 4065Below 3840Bullish VWAP380EUR Day. : Intraday Bullish Above Urism below 1.0835Main support is 1.0750Main objective is 1.10Below 1.0730 opens 1.061020 Day VWAP bullish, 5 Day VWAP bullishGBPUSD Bias: Intraday Bullish Above Bearish below 1.230.2102020Primary support is VWAP bullish, 1.23210. 5-day VWAP bullishUSDJPY-Bias: intraday bullish above bearish Below 131.50Primary resistance is 132.30Main objective is 125.00Above 133.00 open 135.0020 Day VWAP bearish, 5 Day VWAP bullishAUDUSD Bias: Intraday Bullish Above Bearish below .7060Main support is .6950Main objective is . 7250Day Bullish VWAP. : Bullish Above Urismal below 22500 Main support 20300 Main target is 25000 Below 20200 open 1940020 Day VWAP bullish, 5 Day VWAP bullish



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