U.S. Indices Flat On The Wall Street Open

It has been a quiet Monday morning on Wall Street. U.S. indices have opened flat, with limited participation contributing to tight ranges. The sentiment is largely neutral among traders and investors.

A weaker-than-expected NY Empire State Manufacturing Index (Sept) was released a bit earlier. The number came in at 19.0, beneath projections and the previous report. This item is not a vital economic metric, but it does continue last week’s trend of surprising statistics. Manufacturing has been exceptionally strong throughout 2018. Today’s lagging metric may give equities traders reason for pause.

December E-Mini DOW Futures

Today marks the first full session of trade for the December E-mini DOW futures contract. Rollover from the September issue is complete and price remains in bullish territory.

Here are the levels to watch for the rest of the trading day:

• Resistance(1): Psyche Level, 26500
• Support(1): Daily SMA, 25922
• Support(2): Bollinger MP, 25889

Overview: At 11:30 AM EST, we are due for several government bond auctions. With the September FED meeting rapidly approaching, yields are in a position to rise. This will be a situation to keep a close eye on, as institutional players may begin tipping their hand for the rest of 2018.

For the moment, it appears that the U.S. indices are content to hold their relative positions. Tight daily ranges are on display in the E-mini DOW, with fresh all-time highs in immediate view. In the event that these markets open up, the Psyche Level of 26500 may come into play in the near future.