Arabic 
- January 8, 2023
- Posted by: Noureldeen Al Hammoury
- Categories:
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Today is the first trading day of the year 2023, and all markets are open after a long break. Expect some volatility as positioning is underway.
Fundamentals
| Data | Forecast | Prior |
| German CPI | -0.6% | -0.5% |
| German Unemployment Change | 15K | 17K |
| Spanish Unemployment Change | -40.3K | -33.5K |
| Swiss Manufacturing PMI | 53.0 | 53.9 |
| Canadian Manufacturing PMI | 49.9 | 49.6 |
| US Final Manufacturing PMI | 46.2 | 46.2 |
| US Construction Spending | -0.4% | -0.3% |
Still Optimistic
SPX closed last week’s trading on a bullish note, while the 50% Fibo is still intact, suggesting another push higher ahead. In the meantime, the downside pressure has eased, but even if it resumes for whatever reason, the bullish scenario is still intact as long as SPX continues to trade over 3730s.
Swing Trades
No change on any of our swing trades, including BAC, QQQ, and NKE options in addition to the USDCAD short trade. will keep an eye on the OPEC meeting later today, if you are afraid of losing, set your stop to breakeven.
