Hello everyone; Today we want to talk about one of the most important news stories of the week, the Consumer Confidence Index (CB).
After the market was shocked by the negative 0.7% Factory Orders report, all eyes are now on the Consumer Confidence (CB) report. Released on the last Tuesday of each month, this report is more than just a simple number; it actually reflects the health of a society whose economy is driven by consumption.
According to the latest economic calendar data:
The market is currently “cautiously optimistic” that consumer confidence will improve compared to the previous month. This contrast between the fall in production (yesterday) and the hope for growth in consumption (today) has put the market in a state of uncertainty.
Possible scenarios and market chain reactions
Bullish scenario (Actual > 87.4): if tomorrow is green and high, it means that the consumer is still alive. In this case, in October 2024, this will be the “fuel” for the next move of Bitcoin and the S&P 500 to higher peaks.
Bearish scenario (Actual < 84.5): But if tomorrow is as disappointing as the factory report, there is no more excuse for progress and we should wait for the market to correct.
Remember October 2024?
Now we have to see what number will be announced tomorrow !
I wrote this article with the help of Google Translate and I apologize if there are any errors.