U.S. Indices Hold Firm In Bullish Territory - Forex News by FX Leaders
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U.S. Indices Hold Firm In Bullish Territory

Posted Wednesday, June 26, 2019 by
Shain Vernier • 1 min read

The U.S. indices are on the rebound after a tough Tuesday session. Once again, the FED ruled the day with FOMC members Bullard and Powell essentially taking a ½ point July interest rate cut off of the table. Equities traders did not like the news much, driving stocks significantly lower by the closing bell.

This morning has been a different story, with investors driving U.S. indices higher in early action. For the first fifteen minutes of trade on Wall Street, the DJIA DOW (+85), S&P 500 SPX(+13), and NASDAQ (+89) are in the green.

U.S. Indices Hang Tough In Bullish Territory

For the time being, the uptrend in the U.S. indices remains valid as short-term traders have stepped up and bought the latest dip. Subsequently, the September E-mini DOW has bounced from Fibonacci support and is driving higher.

U.S. indices
September E-mini DOW Futures (YM), Daily Chart

In a Live Market Update from Tuesday, I issued a buy recommendation for the September E-mini DOW. The trade turned out to be a success, generating 82 ticks profit following a rejection of the daily 38% Current Wave Retracement (26530). 

Here are the levels to watch for today’s session:

  • Resistance(1): Swing High, 26922
  • Support(1): 38% Current Wave Retracement, 26530

Overview: At press time (about 9:45 AM EST), the September E-mini DOW is bullish (as are the other U.S. indices) and in position to drive at new all-time highs. The key technical level to watch in this market is the 38% Current Wave Retracement (26530). As long as prices stay above this area, one is well advised to maintain a short-term bullish bias.

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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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