U.S. Markets Open In The Green
U.S. markets have opened in the green this morning, featuring half-hour gains in the DJIA(+82), S&P 500 SPX (+8), and NASDAQ (+24). Bids are hitting the market en masse ahead of tomorrow’s FED Interest Rate Statement. Following a ho-hum Monday session, traders appear at ease with taking on more risk in anticipation of an accommodative Federal Reserve.
Today’s economic calendar is wide-open for the U.S. session. No primary market movers are scheduled, with only a few peripheral metrics scheduled. Earlier, the Redbook Index (March 11) was released to the public. The figures fell moderately month-over-month while posting nice gains year-over-year. If nothing else, it looks like U.S. retail is getting back on track after a surprising late-2018 dip.
U.S. Markets Open On The Bull
The overwhelming consensus expects the FED to hold interest rates static tomorrow. In fact, the CME FEDWatch Index is projecting a 98.7% chance of rates being held static. This comes as no surprise to the markets, yet we are seeing early bullish action in U.S. stocks.
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Here are two levels to watch in the June E-mini DOW:
- Resistance(1): Contract High, 26263
- Support(1): Daily SMA, 25930
Overview: At this point, it is all systems go for the June E-mini DOW and DJIA. In fact, the DJIA is closing in on its all-time high of 26951. If you think back to the Christmas Eve meltdown of 2018, the possibility of the DJIA posting a new all-time high only 90 days later is pretty amazing. No doubt about it, the bulls have taken control of U.S. markets in 2019 and may not be done yet.
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