Markets Bullish On Wall Street Open - Forex News by FX Leaders
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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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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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