U.S. Indices Rally On Open
Shain Vernier • 1 min read
It has been a strong open for the U.S. indices on Wall Street, with stocks regaining bullish momentum. For the first 45 minutes of trade, the DJIA DOW (+130), S&P 500 SPX (+16), and NASDAQ (+56) are well into the green. A positive set of pre-market trade balance and retail figures are at least partially responsible for the early bidding.
Today features a somewhat sparse economic calendar, but there are a few items worthy of note. Here is a quick look at the highlights:
Event Actual Projected Previous
Trade Balance (July) $-54.0B $-53.5B $-55.5B
Redbook (YoY, August 30) 6.5% NA 5.7%
In addition, the ISM-NY Business Conditions Index (August) came in at 50.3, well above the previous release of 43.5. While this collection of figures isn’t overly bullish, they have certainly exceeded expectations. As a result, the U.S. indices have put together a strong early-session.
U.S. Indices On The Bull
Following a challenging Tuesday, the U.S. indices are on the bull to open Wednesday’s trade. One of the big movers has been the NASDAQ, rallying back above the 7650.00 level. The action in September E-mini NASDAQ futures has been similar, with prices in positive territory.
Here are a few levels to watch in the September E-mini NASDAQ for the remainder of the session:
- Support(1): Bollinger MP, 7659.75
- Support(2): Daily SMA, 7626.50
Overview: For the time being, the U.S. indices are in holding patterns, largely within August’s ranges. I expect this to change in the near future via directional moves to either the bull or the bear.
In regards to the NASDAQ, it is currently tough to take a definite bullish or bearish stance. At least for now, a slight bullish bias is warranted, while keeping a close eye on the 7500.00 psyche level.