U.S. Stocks Tentative On The Open - Forex News by Strategia Forex
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U.S. Stocks Tentative On The Open

Posted Tuesday, October 1, 2019 by
Shain Vernier • 1 min read

October trade is underway on Wall Street and stocks are cautiously optimistic on the open. The DJIA DOW (+91), S&P 500 SPX (+10), and NASDAQ (+30) are up modestly following the bell as sentiment is somewhat positive. With no primary market drivers due out until the ISM Manufacturing PMI (September) at 10:00 PM EST, equities players are moderately bullish to start the day.

This morning’s premarket economic calendar was mostly vacant, featuring only the Redbook Index (September 27) and two speeches from FED officials. The Redbook Index came in unchanged from the previous release, but up 0.6% year-over-year. This is decent news for the retail sector. Not much came out of FED Vice Chairman Richard Clarida’s speech, as he elected not to directly address monetary policy.

At this point, U.S. stocks are in the green with no new Trump impeachment developments hitting newswires.

Stocks Open October In The Green

December E-mini S&P 500 futures are looking to extend the current win streak to two sessions. Prices are closing in on the psychological barrier of 3000.00 and attempting to regain last Tuesday’s impeachment-driven losses.

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

Here are two levels to watch in the December E-mini S&Ps:

  • Support(1): Daily SMA, 2980.25
  • Support(2): Bollinger MP, 2971.75

Overview: For the time being, U.S. stocks are in daily bullish territory. In reality, the positive price action is largely due to the quiet geopolitical news cycle. If we see a headline regarding U.S./China relations, an untimely Trump tweet, or more impeachment buzz, this strength can shift on a dime.

Today’s early rally places the December E-mini S&P 500 in bullish territory above daily support. If we see a positive close, this market may be in for a run at all-time highs in the near future.

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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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