This week shows an incredibly busy economic calendar and this might not bode well for the market. The first report of the week comes out at 8:30 this morning and the schedule doesn’t let up until Friday morning. With so many important reports expected to show a decline versus last month, this could be a painful week in the market.

Christian Hill says the Fed’s monthly policy meeting tomorrow will almost certainly leave interest rates unchanged. Currently the market shows a 90% probability that there will be no change to the Fed Funds rate. Jennifer Yousfi says weak economic data almost certainly preclude the possibility of a rate hike. But with inflation still high the Fed will also be unable to cut rates in the short term.

Before I get to this weeks calendar, I wanted to look back at some reports that came out last week because there were some surprising numbers. Perhaps the biggest surprise came from the Durable Goods Orders report from last Wednesday which showed an increase of 1.3 percent when the market expected zero growth.

This week’s economic calendar hits the ground running at 10am and doesn’t slow down until Friday morning, says Christian Hill. This week is loaded with very important reports and depending on the outcomes, we could see a big swing in the market.

Last week, a few economic reports surprised to the positive side. And this week is potentially very important for the market, says Christian Hill in Investor’s Daily Edge. Last week saw Factory Orders more than double expectations, and the ISM Services Index wasn’t nearly as low as was expected. Add this to the Fed standing pat and there could be some momentum heading into this week. This from Christian…