DJIA, S&P 500 Near Flat On The Wall Street Open
Shain Vernier • 1 min read
Today marks the beginning of mid-week trade, with a third consecutive quiet open on Wall Street. The DJIA and S&P 500 are up moderately, with the DJIA holding its own above 25,000. With a wide-open economic calendar for the rest of the day, we may be in for another yawner.
FED Chair Jerome Powell is in front of Congress again for today’s U.S. session. His Tuesday testimony made few waves and brought little action to the markets. Talk of yield curves and the short-term spike in U.S. Treasuries garnered the attention of institutional players but did little to stimulate volatility in the markets.
U.S. equities have been on a tear throughout July. Just over the monthly halfway point, September E-mini DOW futures have posted only two losing days for the month. Buy-and-hold players are certainly enjoying the recovery from June’s bear run.
At press time, price is grinding north of macro resistance on the daily timeframe. It appears that more bullish action is the order of the early day.
Here are two levels to watch as the session unfolds:
- Resistance(1): Swing High, 25418
- Support(1): 78% Macro Wave Retracement, 25101
Overview: It is tough to overstate the importance of the 25,000 level in the DJIA. As long as price remains above this area, buyers will continue to pile into the market.
September E-mini DOW futures breaking through the 78% retracement level is a big deal. If trade is sustained above 25101, be on the lookout for a 300 tick bullish break to a test of the Swing High (25418) later in the week.