A Bullish Open To April For U.S. Stocks - Forex News by FX Leaders
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A Bullish Open To April For U.S. Stocks

Posted Monday, April 1, 2019 by
Shain Vernier • 1 min read

It has been a strong open to the trading week for U.S. stocks. For the first half-hour of trade, the DJIA (+200), S&P 500 (+20), and NASDAQ (+67) are firmly in positive territory. Thus far, April has started with a bang for equities bulls.

In addition to the release of economic data, the calendar is capable of stimulating market participation. The beginnings and ends of weeks, months, and years often create the environment for directional moves in asset pricing. This appears to the case today for U.S. equities, as positive sentiment is dominating the action.

U.S. Stocks Have Opened The Week GAP Up

Following a weak set of Retail Sales (Feb.) data released in the pre-market hours, the U.S. indices have opened April GAP up. The June E-mini DOW futures have followed suit, trading above the 26100 level.

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

Here are the levels to watch in this market for the remainder of the session:

  • Resistance(1): Contract High, 26263
  • Support(1): Daily SMA, 25737

Overview: As a general rule, GAPs are eventually filled in. The area surrounding 26000 in the DJIA and June E-mini DOW will likely be challenged in the coming sessions. Regardless of the GAP, the bulls appear to be in control of these markets. It will come as no surprise if February’s high is taken out before any meaningful retracement toward the GAP takes place.

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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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