U.S. Markets Open In The Green
Shain Vernier • 1 min read
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.
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.