U.S. Indices Open In The Red
Shain Vernier • 1 min read
The U.S. indices have kicked off the trading week in the red. For the first half hour on Wall Street, the DJIA (-50), S&P SPX 500 (-5), and NASDAQ (-3) are moderately lower. Participation is light following the Easter holiday, suggesting that many traders may have elected to take an extended weekend instead of adding risk.
During the pre-market hours, several real estate metrics were released to the public. Existing Home Sales for March came in at 5.21 million, falling 4.9% month-over-month. This is more bad news for the sector and will be something to watch as we approach the summer season.
U.S. Indices Lag To Open The Trading Week
Following a strong electronic open yesterday, June E-mini DOW futures are giving back gains. The 26500 handle is proving to be a key area yet again, with price action tightening near this level.
For the remainder of the session, here are the key levels to watch:
- Two-way Catalyst: Psyche Level, 26500
- Support(1): Bollinger MP, 26161
- Support(2): Daily SMA, 25995
Overview: At this point, it appears that action is going to be limited today. However, the bulk of traders will return to the market tomorrow, so the quiet conditions aren’t likely to last. In the event we see a negative close in the U.S. indices, then a buying opportunity may set up for the mid-week. Stay tuned for details on how to get in on the action.