twitter facebook google
online support

6/28/2017

  • 6/28/2017

    Wednesday, June 28 2017

    Euro currency sharply higher

    World stock markets were mostly weaker overnight, following the lead of Wall Street’s losses Tuesday.

    The gold market is moderately higher in pre-U.S.-session trading Wednesday, supported in part by the slumping U.S.dollar index and on short covering from recent selling pressure.

    The world marketplace is still digesting big news events that occurred Tuesday. A more hawkish tone on monetary policy in a speech delivered by European Central Bank President Mario Draghi on Tuesday pushed the Euro currency sharply higher, to a seven-month high, and saw the biggest one-day gains in over a year. Draghi’s comments have also pushed European bond market yields higher the past two days.Meantime, the U.S. Senate decided to postpone until after its July Fourth holiday recess an attempt to push through legislation on health care reforms. That news helped to sink the U.S. stock market Tuesday.

    The key “outside markets” on Wednesday morning see Nymex crude oil futures prices slightly lower. The oil market bears have the solid overall near-term technical advantage as prices are trading around $44.00 a barrel. Meantime, the U.S. dollar index is modestly lower early today and hit as even-month low overnight, on follow-through selling pressure after strong losses seen Tuesday. The greenback bears have the firm overall near-term technical advantage.

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

    U.S. STOCK INDEXES

    S&P 500 September e-mini futures: Prices are slightly higher in early U.S. trading after hitting a two-week low over night. The bulls still have the solid overall near-term technical advantage. The shorter-term moving averages (4-,9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is even with the 18-day moving average. Short-term oscillators (RSI,slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at Tuesday’s high of2,437.25 and then at the contract high of 2,451.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at the over night low of 2,413.75 and then at 2,400.00. Sell stops are likely located just below those levels.

    Nasdaq index September futures: Prices are lower and hit a six-week low in early U.S. trading today. Bulls are fading.Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day.The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today.Shorter-term technical resistance is seen at the over night high of 5,678.50 and then at 5,700.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,632.00 and then at 5,600.00. Sell stops are likely located just below those levels.

    U.S. TREASURY BONDS AND NOTES

    September U.S. T-Bonds: Prices are solidly lower in early U.S. trading, on more profit taking after hitting a contract high on Monday. Bulls still have the overall near-term technical advantage, but are now fading fast. 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 technical resistance is seen at 155 even and then at the over night high of 155 22/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 154 9/32 and then at 154 even. Sell stops likely reside just below those levels.

    September U.S. T-Notes: Prices are lower and hit a fourweek low in early U.S. trading. Bulls still have the overall near-term technical advantage, but are now fading fast. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the9-day. The 9-day is even with the 18-day moving average.Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 126.10.5 and then at 126.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 125.28.0 and then at 125.24.0.Sell stops likely reside just below those levels.

    U.S. DOLLAR INDEX

    The September U.S. dollar index is lower again and hit as even-month low in early U.S. trading. Bears have the solid overall near-term technical advantage. The shorter-term moving averages for the dollar index are neutral early today as the 4-day is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the over night high of 96.175 and then at 96.500. Shorter-term support is seen at the overnight low of 95.855 and then at 95.500.

    NYMEX CRUDE OIL

    August Nymex crude oil prices are slightly lower in early U.S. trading. The bears have the solid overall near-term technical advantage. Look for buy stops to reside just above technical resistance at this week’s high of $44.44 and then at $45.00. Look for sell stops just below technical support at the overnight low of $43.67 and then at $43.32.

    GRAINS

    Grain futures markets were firmer overnight, on more short covering from recent selling pressure. Weather in the U.S.Corn Belt is bearish, with cooler temps and plenty of rain in the near-term forecasts. Traders are looking forward to Friday’s updated U.S. planted acreage and quarterly stocks figures from USDA. That report is one of the most important of the year for the grain markets.

    * 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.

live demo of our trading platform arrow down

Sign up for a FREE 14 day trial of the GO FUTURES online trading platform

Please note that the demo does not account for commissions and fees that would be charged in a live account.