US markets

U.S. Indices Grind Higher On Wall Street Open

Posted Tuesday, October 2, 2018 by
Shain Vernier • 1 min read

The first hour of trade on Wall Street has been reserved. Following the heavy action of Monday, both U.S. indices are showing signs of a post-news hangover. At press time the DJIA and S&P 500 are in the green moderately.

During the U.S. pre-market hours several secondary economic metrics came across the news wires. The Redbook Index (YoY, September 28) came in barely beneath the previous release at 5.7%. Shortly after the equities open, the ISM NY Business Conditions Index (Sep) was reported as falling four points from August’s numbers.

In total, these metrics do not mean a whole lot. But, they do measure the performance of various retail outlets as well as the business activity in New York. I am not a big fan of abstract academic metrics such as these, but they are worthy of note.

U.S. Indices Are Trading Flat: A Look At E-mini DOW Futures

December E-mini DOW futures are off slightly today, having retraced into Monday’s range. At the moment 26675 is the key value area.

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

For the remainder of the session, there are two levels that have my attention:

  • Resistance(1): Swing High, 26739
  • Support(1): 38% Current Wave Retracement, 26503

Overview: The December E-mini DOW has been seeing some heavy action amid the charged news cycle. Technically, the E-mini DOW remains bullish. Price is above the 38% retracement, indicating the prevailing uptrend is intact. At press time, price is in position to post fresh all-time highs very shortly. My bias toward the U.S. indices remains bullish until proven otherwise.

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