A Strong Friday Wall Street Open - Forex News by FX Leaders
US indices

A Strong Friday Wall Street Open

Posted Friday, February 22, 2019 by
Shain Vernier • 1 min read

The U.S. indices have opened in the green and are attempting to close the week on a high note. For the first 90 minutes of trade, the DJIA (+165), S&P 500 SPX (+15), and NASDAQ (+55) are all in positive territory. Bullish sentiment is growing as the second round of U.S./China trade negotiations is being deemed a success.

Next Thursday marks the release of Q4 2018 U.S. GDP. The markets are eagerly anticipating this number, as the impact of lagging holiday retail performance will come into view. Without a doubt, the next four sessions are going to be big ones for U.S. equities.

Wall Street Is Alive And Kicking

It has been a tight week for U.S. stocks, featuring consolidation in the indices. Daily ranges in the March E-mini DOW have been modest. However, today’s action has price knocking on the door of December’s highs.

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

Overview: The early 2019 bullish trend is alive and well for March E-mini DOW futures. Prices have yet to challenge downside support in a meaningful way. At the moment, it appears that U.S. stocks are preparing to make a springtime run at all-time highs.

In the event that the March E-mini DOW breaks above December’s high, significant extension north is probable. This market is compressed ― if a bullish breakout is to occur, then it will begin above December’s High (26110). Buying in slightly above this level is not a bad way to get in on the initial flood of bids hitting the market.

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About the author

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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