Futures On U.S. Indices Remain Strong After Weak Housing Data
Dave Green • 1 min read
Despite home sales disappointing expectations, futures trading on U.S. equity indices remains strong. U.S. Existing Home Sales came in at 5.52 million for June, down 1.8% from last month. The number came in under analyst projections of 5.58 million.
E-mini Nasdaq 100
Led by the E-mini Nasdaq 100 futures, U.S. indices trade near last week’s highs. Currently, E-mini Nasdaq 100 futures are trading at 5933.50, up over 50 pips on heavy buying.
Futures: E-mini Nasdaq 100 Daily Chart
The E-mini Nasdaq 100 is up big for July, showing little desire to pullback. The 38% retracement for the month’s trading range has not been threatened. This is a sign of robust strength. Last week’s extreme high of 5938.50 may act as a catalyst for further gains.
E-mini S&P 500
Moderate volume has kept E-mini S&P 500 futures in check ahead of critical economic data releases later in the week. As of now, the E-mini S&P’s are trading inside of Friday’s range. The technical outlook remains bullish with price above Friday’s low of 2462.75 and far north of July’s 38% retracement at 2449.25.
Futures: E-mini S&P 500 Daily Chart
Last week’s high of 2476.25 for the E-mini S&Ps may act as a prime spot for resistance pending the FED’s interest rate announcement on Wednesday. At least for now, the E-mini S&Ps are in a holding pattern.