Markets Bullish On Wall Street Open

Posted Tuesday, June 18, 2019 by
Shain Vernier • 1 min read

The first half hour of trade has been bullish on Wall Street, led by gains in the DJIA DOW (+330), S&P 500 SPX (+38), and NASDAQ (+149). Credit for the positive action is being given to the Trump/Xi meeting announcement for this month’s G-20 Summit.

At this hour (10:30 AM EST), traders are bidding the U.S. indices higher in anticipation of trade war resolution and dovish FED policy.  In addition, Germany’s lagging Zew Economic Sentiment Survey (June, -21.1) and comments from ECB head Draghi made during the U.S. overnight certainly aren’t hurting intraday sentiment.

A Strong Wall Street Open For Stocks

It is the final week of trade for June E-mini S&P 500 futures, with the contract coming off of the board on Friday. Monthly gains have been large and the daily uptrend is showing no signs of slowing down.

June E-mini S&P 500 Futures (ES), Daily Chart
June E-mini S&P 500 Futures (ES), Daily Chart

Overview: Today’s bullish breakout on the Wall Street open has reinforced the positive sentiment of 2019. The long-term uptrend remains intact and bargain hunters have once again successfully bought a dip in the U.S. stock market.

Since the sell-off of late-May, the U.S. indices have been on a tear north. If we see a trade war breakthrough at the G-20 Summit on June 28-29, the DJIA, S&P 500, and NASDAQ will very likely post new all-time highs ahead of the July 4th holiday.

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