A Slow Weekly Open On Wall Street
Muted action has been the early story on Wall Street, with stocks trading slightly to the red. For the first half-hour of trade, the DJIA DOW (-13), S&P 500 SPX (-3), and NASDAQ (-10) are seeing moderate participation. At this point, it appears that many U.S. liquidity providers are out of the office in observance of Columbus Day.
Today’s economic calendar is wide open for the U.S. session. Aside from the monthly U.S. government budget statement due out this afternoon, there aren’t any metrics to drive participation to the markets. All in all, it may shake out to be a light trading day on Wall Street.
The Action Is Tight On Wall Street
Last Friday was a big day for the American indices. Stocks put in a firm rally following the announcement of a “phase one” U.S./China trade deal. While the agreement was far from comprehensive, equities players showed their excitement over the progress. However, today’s early action on Wall Street has been a different story. Bearish sentiment is dominating the trade amid slow market conditions.
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Here are the levels to watch as the day unfolds:
- Resistance(1): Daily SMA, 26902
- Support(1): Bollinger MP, 26582
Overview: For the time being, the December E-mini DOW is trading in a noncommittal area on the daily timeframe. The fundamentals point to a bullish stance being appropriate, but the Columbus Day holiday is likely holding a rally in check. If you are trading the indices, be on the lookout for volatility to increase as institutional traders return to Wall Street on Tuesday.
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