Reply To: Traders Market Weekly: Half Year Rebalancing High Wire Act


The S&P 500 futures are 1.6% below fair value; the Nasdaq 100 futures are 2.0% below fair value; and the DJIA futures are 1.3% below fair value

Key factors driving the futures market:

Inability to follow through on yesterday’s gains undercuts sentiment
Lingering concerns about global growth prospects in face of aggressive rate hikes by central banks
Cautious disposition in front of Fed Chair Powell’s Semiannual Monetary Policy Report to Senate Banking Committee at 9:30 a.m. ET
President Biden calls on Congress to suspend national gas tax
UK inflation hits 40-year high of 9.1% year-over-year
IEA warning Europe to get ready for the shutdown of Russian gas exports
Geopolitical tension thickening between Russia and NATO following move by Lithuania to block export of some Russian goods to Kaliningrad
MBA mortgage applications index up 4.2% week-over-week. Purchase applications, led by ARMs, up 8% week-over-week (but still down 10% year-over-year)
Winnebago (WGO) and La-Z-Boy (LZB) jump following better-than-expected earnings results