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June 15th - U.S. homebuilder confidence declined further in June, driven by rising mortgage rates and building material costs, while confidence in the southern region deteriorated significantly. Data released Monday by the National Association of Home Builders (NAHB) and Wells Fargo showed that the housing market index, which measures overall market conditions, fell 2 points to 35 this month, below market expectations. As the largest homebuilding region in the U.S., the South saw its largest drop in confidence since November 2023. The NAHB stated that June marked the 14th consecutive month the index had remained below 40, the longest sustained period of weakness since 2011-2012. Looking at the sub-indices, the current sales conditions index fell 2 points to 38, while future sales expectations and potential homebuyer visits remained unchanged. The NAHB attributed the overall index decline to rising building material prices, increased financing costs, and regulatory factors hindering home construction.The UN Security Council voted to extend the mandate of the UN mission in Afghanistan for another year.EUROSAM (European Air Defence Corporation) is negotiating with Hungary and Kuwait on alternatives to the Patriot air defense missile system. A progress meeting will be held to discuss EU review.The U.S. NAHB Housing Market Index for June was 35, below the expected 36 and the previous reading of 37.US Vice President Vance: Unless Iran fulfills its obligations, they wont get a penny. The funds were talking about are essentially sanctions relief.

Stock Markets Await Massive Jobs Number

Skylar Shaw

Jul 07, 2022 14:39

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The US indexes seem to be doing very little during the Wednesday trading session, maybe keeping an eye on that enormous employment report on Friday.

Technical Analysis of the S&P 500

The S&P 500 fluctuated during Wednesday's trading day as a result of the ongoing commotion in the world. Since we will have to consider what the employment market may indicate to the Federal Reserve, it's not a tremendous surprise to imagine that the S&P 500 may be reluctant to go unduly aggressive in any way. After all, the Fed and its monetary policy actions are causing a lot of people to worry. The value of equities has decreased as they tighten monetary policy more.


Although I believe it's more probable than not that we'll float a bit higher, I believe the sellers will eventually come back. The subsequent move down may begin if we were to close below the candlesticks that represent the Friday, Monday, and Tuesday trading sessions. There might be really fascinating since that is an obvious short-term support level that people will be watching.


We may rise to the 3950 level, from where we had previously pulled back, if we were to break above the highs of both Tuesday and Wednesday. Additionally, the 50 day EMA is rapidly approaching that broad range, so I believe we are dealing with a situation where the upside is fairly constrained. You will need to exercise extreme caution in the latter days of this week because to the jobs ever, but I believe that given enough time, more negative is likely to surface.

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