U.S. Stocks Tentative On The Open
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.
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.