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3/29/2017

  • 3/29/2017

    Wednesday, March 29

     

    Global stock markets

     

    Global stock markets were mixed in quieter dealings Wednesday. There were no major news developments overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

     

    Gold prices are weaker Wednesday on a corrective pullback from recent gains that pushed the metal to a four-week high this week.
    The world marketplace is eyeing the U.S. stock indexes. Traders and investors are wondering if recent losses in stock markets mean the end of the record-setting “Trump rally” that had been in place since the U.S. president was elected in November. Solid rebounds in the U.S. stock indexes Wednesday favor the camp that believes the recent selling pressure in stocks was just a normal downside correction in a bull market that still has legs. How the U.S. stock indexes close on Friday—near the weekly highs or the weekly lows—will provide clues on the future health of the very mature bull market in equities.

     

    The key outside markets on Wednesday morning see the U.S. dollar index slightly higher. The greenback bears still have the overall near-term technical advantage as prices are in a downtrend on the daily bar chart. Meantime, Nymex crude oil prices are firmer on short covering. However, the bears remain in near-term technical control of this market.

    U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, pending home sales, and the weekly DOE liquid energy stocks report.

     

    U.S. STOCK INDEXES

     

    S&P 500 June e-mini futures: Prices are slightly lower. The shorter-term moving averages (4-, 9- and 18-day) are still bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at this week’s high of 2,360.50 and then at 2,378.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Tuesday’s low of 2,333.50 and then at this week’s low of 2,317.75. Sell stops are likely located just below those levels.

     

    Nasdaq index June futures: Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is even with the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 5,424.75 and then at the contract high of 5,441.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Tuesday’s low of 5,363.50 and then at 5,350.00. Sell stops are likely located just below those levels.

     

    U.S. TREASURY BONDS AND NOTES

     

     

    June U.S. T-Bonds: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 151 even and then at this week’s high of 152 3/32. Buy stops likely reside just above those levels. Shorter-term support lies at 150 even and then at 149 even. Sell stops likely reside just below those levels.

     

    June U.S. T-Notes:

     

    Prices are near steady in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at 124.16.0 and then at 124.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 124.06.5 and then at 124.00.0. Sell stops likely reside just below those levels.

     

    U.S. DOLLAR INDEX

     

    The June U.S. dollar index is firmer in early U.S. trading, on short covering after hitting a 4.5-month low on Monday. Bears still have the overall near-term technical advantage. The shorter-term moving averages for the dollar index are still bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at 100.000 and then at 100.280. Shorter-term support is seen at the overnight low of 99.495 and then at 99.000.

     

    NYMEX CRUDE OIL

     

    May Nymex crude oil prices are firmer in early U.S. trading. Bears still have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at the overnight high of $48.84 and then at $49.00. Look for sell stops just below technical support at $48.00 and then at Tuesday’s low of $47.80.

     

    GRAINS

     

    Grain futures markets were firmer overnight, on more short covering ahead of Friday’s USDA planting intentions report. That is one of the most important USDA grain reports of the year. Look for very active grain trading Friday after that 11:00 a.m. CDT report.

     

    *Disclaimer: there is a substantial risk of loss in futures and options trading.

     

    ** This newsletter was created by a 3rd party and Go Futures does not endorse, approve, certify, or control these contributions and does not guarantee the accuracy, completeness, efficacy, or timeliness of information located within. Use of any information obtained from such sites is voluntary, and reliance on it should only be undertaken after an independent review by qualified experts. Reference therein to any specific commercial product, process or service does not constitute or imply endorsement.

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