ES Futures are Pointing to a Strong Open on Wall Street
US equity markets are going to have a green start to the week, with Futures markets pointing to a strong open on Wall Street.
US equity markets are going to have a green start to the week, with Futures markets pointing to a strong open on Wall Street.
ES futures open when Asian markets open and so far we have seen a gap up and a little bit of selling. But at this stage we are still up around 1.5%, suggesting it will be green when Wall Street opens at 9:30 am EST.
The week ahead for equities looks to be big with the US employment data coming on Friday as well as the strong lead-in from the positive developments on the trade war front with the US and China.
On Wednesday markets will be closed in tribute to former President George Bush who passed over the weekend.
Technical Outlook
Last week I wrote that from a technical perspective the SPX was getting primed for a breakout.
The first level of interest was 2750 and markets closed above that point on Friday.
The big one remains at 2815 and that is about 2% higher than Friday’s close. So at this stage, we are looking like we are going to be gapping up right into that level on the open.
If we can hold and close above that level, then that really does open up the door for another run at the highs and to me, that is a decent point to take a long position.
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