Weekly Trade Kicks Off On Wall Street
Amid a wide-open early week economic calendar, trade has resumed on Wall Street. The initial sessions of 2019 brought volatility in buckets, with the U.S. indices closing on a high note last Friday. Investors appear to be taking a cautious stance thus far, with muted trade being on display for the S&P 500 SPX, DJIA, and NASDAQ.
A few minutes ago, two peripheral economic numbers were released to the public. The ISM Non-Manufacturing PMI (Dec.) came beneath expectations at 57.6. Factory Orders (MoM, Nov.) missed projections at 0.3%, but outperformed October’s figure. At the moment, these stats do not seem to be impacting the trade of U.S. stocks.
Wall Street Is Open For Business
Mondays always present a challenge, as we do not really know what to expect coming out of the weekend break. Today is no different, with the March E-mini S&P 500 futures contract trading in tight consolidation.
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There are two levels worth noting as the day progresses:
- Resistance(1): Bollinger MP, 2550.50
- Support(1): 38% Current Wave Retracement, 2509.50
Bottom Line: The daily chart for the March E-mini S&Ps gives us a classic example of one-time resistance levels becoming eventual support. For the rest of the session, I will have buy orders queued up from above the 38% Current Wave Retracement at 2510.25. With an initial stop at 2504.75, this trade produces 22 ticks on a standard 1:1 risk vs reward management plan.
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