Learn TOP3 trading opportunities this week (February 27 – March 3). This week, we’ll hear about earnings from several retail and tech companies. On Monday, we’ll get information on how many homes are waiting to be sold. On Tuesday, we’ll learn about national home prices. The Purchasing Managers’ Index (PMI) survey will tell us how U.S. businesses are doing. Finally, the US Supreme Court will hear two cases that could decide whether or not President Biden’s plan to forgive student loans will happen.
Market Watch: Don‘t Miss Out on These Key Events This Week
There are several important market events to watch out for this week:
- Earnings reports from major retailers like Target, Lowe’s, Costco, Dollar Tree, Best Buy, AutoZone, Salesforce, Zoom Video Communications, Hewlett Packard, and Dell Technologies.
- The US Supreme Court will hear two cases on Tuesday. It could decide the future of President Biden’s student loan forgiveness plan.
- The release of the Case-Shiller National Home Price Index and Freddie Mac’s House Price Index for December will give updates on national home prices.
- The Institute for Supply Management and S&P Global will release Purchasing Managers’ Index (PMI) survey readings, tracking the strength of the U.S. manufacturing and services sectors.
The euro-to-pound (EURGBP) exchange rate is near its lowest point since January due to concerns about Brexit and high inflation in the European Union. The exchange rate is at 0.8830, slightly lower than this month’s highest point of 0.8977.
Ursula von der Leyen, the head of the European Union, and UK Prime Minister Rishi Sunak are resolving Brexit issues. They will meet on Monday to discuss and find solutions. Both sides seem willing to compromise on the Northern Ireland issue, which has been problematic for years.
Silver is now around the critical zone of $20.75-70, the lowest since late November 2022, as the RSI shows it could continue to fall.
A chart formation called a downward-sloping megaphone trend also contributes to this downward trend, along with bearish signals from the MACD (another technical indicator). This could push the price of silver further down. The price would be around $20.58 before hitting the lower trend line of the megaphone, which is currently around $20.55.
The trend line support at $20.55 may limit the silver price decline. On the other hand, a resistance line near $21.00 has been limiting the recent increase in silver’s price.
On Tuesday, S&P Global and Freddie Mac will release their home price indexes for December. Investors expect home prices to fall 0.7%, marking the sixth month of declining prices. The market projects the annual increase to slow to 6%, the smallest annual increase since September 2020. This could impact the stock market.
The Institute for Supply Management and S&P Global will release PMI readings for February, tracking the strength of the manufacturing and services sectors. A rise in the ISM Manufacturing PMI to 47.9 is projected, indicating a slight rebound after eight consecutive months of declines. The ISM Non-Manufacturing PMI is projected at 59.2. These readings can impact investor sentiment and the performance of the Dow Jones Industrial 30.
There are dozens of other hot assets to trade with SimpleFX. Take advantage of this week’s opportunities, fund your account, and order appropriately at the right time.