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U.S. Stocks Open Higher

U.S. stocks have once again opened higher, extending weekly gains. For the first half-hour of trade on Wall Street, the DJIA DOW, S&P 500 SPX, and NASDAQ are very near flat. It appears that equities players remain cautiously optimistic regarding the issues of pending FED rate cuts and trade war relief.

During the U.S. pre-market hours, several metrics were released to the public. The lead story was a sudden lag in the performance of labor. Continuing (May 24) and Initial Jobless Claims (May 31) both increased, as did Challenger Job Cuts (May). If these figures are any indication, we may be for a sub-par Nonfarm Payrolls report on Friday.

A Solid Week For U.S. Stocks

The rollercoaster ride for stocks has continued this week, this time producing a substantial rally. With one trading session left until June’s first weekend close, U.S. stocks are pressing higher. The DJIA has been a leading performer, gaining ground above the 25,500 level.

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

Here are the key levels to watch in the June E-mini DOW:

  • Resistance(1): Daily SMA, 25663
  • Support(1): Bollinger MP, 25552

Overview: The U.S. indices are on the verge of regaining last week’s losses. Once again, bargain hunters have stepped in and bought the dip beneath 25000 in the DJIA. This has been the trend throughout 2019 and appears to have once again proven successful.

It is anyone’s guess how equities will close for the week. Nonetheless, sentiment is firmly positive and May’s downtrend in U.S. stocks is now being challenged.

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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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