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4/27/2017

  • 4/27/2017

    Thursday, April 27 2017

    S&P 500 E-Mini Futures

    Asian stock markets were mixed overnight, while European shares were mostly lower. U.S. stock indexes are headed toward slightly higher openings when the New York day session begins.

    Gold prices are slightly higher early Thursday as bulls are trying to recover from solid selling pressure seen most of this week. The generally upbeat trader and investor attitudes this week have been a significantly bearish element for the safe-haven metal.

    The European Central Bank holds its monthly monetary policy meeting today. No change in policy is expected from the ECB,but bank president Mario Draghi’s press conference will be closely monitored for clues on upcoming ECB policy moves.

    Sweden’s central bank on Thursday extended its quantitative easing program but did trim down its bond-buying plans.

    In other overnight news, the Euro zone’s Economic Sentiment Indicator was reported at its highest level in 10 years in April—at 109.6 versus 108.0 in March. This report continues a strong of mostly upbeat economic data coming out of the European Union.

    The key outside markets on Thursday morning see the U.S.dollar index trading slightly lower. The index hit a 5.5-month low on Tuesday and bears have the overall near-term technical advantage. Meantime, Nymex crude oil prices are lower and hovering near this week’s three-month low.

    U.S. economic data due for release Thursday includes the weekly jobless claims report, the advance economic indicators report, durable goods orders, pending home sales,and the Kansas City Fed manufacturing survey.

    U.S. STOCK INDEXES

    S&P 500 June e-mini futures: Prices are near steady in early U.S. trading and hovering not far below the contract and record high. The bulls have the solid overall near-term technical advantage and have gained momentum this week. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day.The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 2,397.25 and then at 2,410.00.Buy stops likely reside just above those levels. Down side support for active traders today is located at this week’slow of 2,365.25 and then at 2,356.00. Sell stops are likely located just below those levels.

    Nasdaq index June futures: Prices are slightly higher and hovering near Wednesday’s contract and record high in early U.S. trading. Bulls have the solid overall near-term technical advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at Wednesday’s contract high of 5,562.50 and then at 5,575.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 5,525.00 and then at 5,500.00. Sell stops are likely located just below those levels.

    U.S. TREASURY BONDS AND NOTES

    June U.S. T-Bonds: Prices are near steady in early U.S.trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at 153 even and then at this week’s high of 153 22/32. Buy stops likely reside just above those levels. Shorter-term support lies at this week’s low of 151 30/32 and then at 15116/32. 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 neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average.Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at 125.24.0 and then at this week’s high of 125.27.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week’s low of 125.06.5 and then at 125.00.0. Sell stops likely reside just below those levels.

    U.S. DOLLAR INDEX

    The June U.S. dollar index is slightly lower in early U.S.trading. Bears have the overall near-term technical advantage. The shorter-term moving averages for the dollar index are 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 neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 99.240 and then at 99.560. Shorter-term support is seen at this week’s low of 98.565 and then at 98.250.

    NYMEX CRUDE OIL

    June Nymex crude oil prices are weaker in early U.S.trading. Bears have the overall near-term technical advantage. Look for buy stops to reside just above technical resistance at $50.00 and then at this week’s high of $50.22.Look for sell stops just below technical support at this week’s low of $48.87 and then at $48.50.

    GRAINS

    Grain futures markets were mixed overnight. Traders will closely examine this morning’s weekly USDA export sales report. Grain market bears have the overall near-term technical advantage. Corn Belt weather forecasts will be the dominant theme for the next several weeks.

    * 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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