U.S. Indices Grind Higher On Wall Street Open
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.
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.