U.S. Indices Positive As G-20 Gets Underway
Shain Vernier • 1 min read
The U.S. indices have opened Friday’s trade slightly positive as the G-20 Summit gets underway. At this hour (10:00 AM EST), the day’s news cycle is centered around U.S. President Trump attending the G-20 alongside world leaders. A potential trade war resolution, as well as Trump’s meeting with Russian Premier Putin, are leading the headlines from the financial media. Thus far, traders are taking a wait-and-see approach to the proceedings in Osaka, Japan.
During the U.S. pre-market hours, several economic metrics were released to the public. All in all, the reports came in flat as illustrated by the sluggish Personal Income (MoM, May) and Personal Spending (May) numbers. As the saying goes, no news is good news.
DJIA On The Bull As G-20 Gets Underway
Early action on Wall Street has been choppy due to angst regarding the G-20 summit in Osaka, Japan. Thus far, “noncommittal” is the tone and prices are hanging in intermediate-term bullish territory for the U.S. indices.
Here are the key levels to watch for the September E-mini DOW:
- Resistance(1): Swing High, 26922
- Support(1): 38% Current Wave Retracement, 26530
Overview: At this point, the 38% Current Wave Retracement (26530) is a stubborn level for the September E-mini DOW. The market is seeing significant two-way action in this area, suggesting that traders are happy to stand pat in their current positions. Unless we see big news out of Osaka, this is likely to be the pattern until today’s closing bell.