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U.S. Indices Up Moderately On The Open

Amid a rallying Greenback, the U.S. indices have hung in there throughout the early Friday session. Both the DJIA and S&P 500 are slightly in the green. Commodity pricing is strong, with WTI crude breaking out to the bull and gold looking to close the week positive. All in all, it is a bullish start on the U.S. markets.

For the first time in months, the Michigan Consumer Sentiment Index (Sept) came in below expectations. Following suit was the Chicago Purchasing Managers’ Index (Sept). Academic metrics have been strong throughout 2018 — are these numbers signaling that FED policy and trade war fallout is beginning to hit the U.S.?

At the moment, traders do not seem to be too concerned by the lagging metrics.

DOW Technicals

December E-mini DOW futures are currently trading at a make-or-break technical level. The area surrounding the 38% current wave retracement (26503) is creating heavy two-way action. If we see a condensed close above this level today, then a test of the Swing High (26739) may be in the cards for early next week.

December E-mini DOW Futures (YM), Daily Chart
December E-mini DOW Futures (YM), Daily Chart

Overview: For now, I will be watching the 26500 area very closely in the December E-mini DOW. It is a key psychological level and one that will determine if the recent daily uptrend remains valid.

On a side note, participation is strong across the U.S. markets. This is a bit unusual for a Friday session, but it is the last trading day of September. Perhaps October will be an exceptionally bold month in terms of volume and price action.

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Shain Vernier
US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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