A Flat Wall Street Open For Stocks
This week has brought a bit of a retracement to equities on Wall Street, with values sliding moderately for the past three sessions.
The Strait of Hormuz is making headlines this morning, with terrorist attacks largely overshadowing the Wall Street open. Traders are focussing on crude oil and gold instead of the indices. Subsequently, the DJIA DOW, S&P 500 SPX, and NASDAQ are in the green on modest participation.
As my colleagues covered extensively during the U.S. overnight session, attacks on two oil tankers have brought heavy participation to WTI crude oil. However, one has to wonder what the response from the White House will be. Thus far, President Trump has yet to comment on the tanker attacks via Twitter. The situation remains fluid, so stay tuned for details as they emerge.
A Quiet Wall Street Open For The DJIA
This week has brought a bit of a retracement to the DJIA, with values sliding moderately for the past three sessions. While today’s early session has been positive, “cautious optimism” is the best way to describe the action.
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Here are a few key levels of support for the June E-mini DOW:
- Support(1): Bollinger MP, 25726
- Support(2): 38% Current Wave, 25648
- Support(3): Daily SMA, 25479
Bottom Line: In the event prices fall from current levels in the U.S. indices, a late-week buying opportunity may come our way. To capitalize on such a scenario, I will have buy orders queued up from 25731 in the June E-mini DOW. With an initial stop at 25624, this trade produces 100 ticks on a slightly sub-1:1 risk vs reward management plan.
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