In what was already the busiest week of the summer the Bank of Japan attempted to steal the show by tweaking control of its market rates. The market experienced a little volatility yesterday when midday a news story surfaced that the BOJ was thinking about tweaking its rates at its meeting later that day. The market basically hates uncertainty more than anything and created a little volatility during the trading session. The Bank of Japan ended up indeed tweaking its rates lifting the cap to 1.0% but the move was less hawkish than feared and markets started reversing their losses upon the announcement. Who thought a tweak would be the volatility event of the week?

More inflation data come in today and one of the Fed’s favorite inflation indicators, the CORE PCE Deflator, had a sizeable fall from 4.6% to 4.1% year-over-year. In addition, headline PCE numbers fell to 3.0% for the first time since March of 2021. This follows a string of favorable inflationary data in recent months providing a lot of bullish sentiment for equities.

Earnings season continues and big names such as Chevron, Exxon, Procter & Gamble, Ford, and Intel reported over the last 24 hours. We will break down all the charts and numbers in the Halftime Report. Have a great weekend everyone!

Chart of the Day: Intel (INTC)

Intel is the midst of a pretty nice reversal pattern. Gapping up on earnings today, one could expect resistance on the 20 monthly moving average but there are a lot up support levels underneath. One to watch for pattern development on the daily chart.

Today’s line up

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