twitter facebook google
online support

8/24/2017

  • 8/24/2017

    Thursday, August 24,2017

    OVERNIGHT DEVELOPMENTS

    World stock markets were mostly firmer in quieter trading Thursday. U.S. stock indexes are also pointed toward modestly higher openings when the New York day session begins.

    Gold prices are weaker, amid bearish “outside markets” today—firmer stock markets and U.S. dollar index, and weaker crude oil prices.

    Stock, currency and financial markets have been quieter this week, ahead of the highly anticipated annual world central bankers meeting in Jackson Hole, Wyoming, that begins today. Featured speakers at the three-day event include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Traders and investors will closely examine the Jackson Hole speeches for any clues on future monetary policy moves by the world’s major central banks. There are ideas the central bankers will mention very low inflation, which could be extrapolated to mean keeping very accommodative monetary policies in place longer. Draghi’s remarks are likely to impact the Euro currency, especially after the ECB has recently expressed a bit of concern about the appreciation of the Euro. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

    The key “outside markets” early Thursday see the U.S. dollar index firmer. The greenback has been trading choppy and sideways at lower levels during the month of August. Meantime, Nymex crude oil futures are weaker. Trading in oil has also been choppy recently.

    U.S. economic data due for release Thursday includes the weekly jobless claims report, existing home sales, and the Kansas City Fed manufacturing survey.

    U.S. STOCK INDEXES

    S&P 500 September e-mini futures: Prices are slightly higher in early U.S. trading. There are early chart clues that a near-term market top is in place. The 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 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 2,454.75 and then at 2,465.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 2,435.25 and then at 2,425.00. Sell stops are likely located just below those levels.

    Nasdaq index September futures: Prices are firmer in early U.S. trading today. There are still early chart clues that signal that a market top is in place. Shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at this week’s high of 5,884.00 and then at 5,900.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 5,829.00 and then at 5,800.00. Sell stops are likely located just below those levels.

    U.S. TREASURY BONDS AND NOTES

    September U.S. T-Bonds: Prices are slightly lower in early U.S. trading after poking to a two-month high overnight. Bulls have the firm overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 156 19/32 and then at 157 even. Buy stops likely reside just above those levels. Shorter-term support lies at 156 even and then at this week’s low of 155 16/32. Sell stops likely reside just below those levels. September U.S. T-Notes: Prices are weaker in early U.S. trading. Bulls still have the solid overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 126.30.5 and then at the August high of 127.01.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at 126.20.0 and then at this week’s low of 126.16.0. Sell stops likely reside just below those levels.

    U.S. DOLLAR INDEX

    The September U.S. dollar index is firmer in early U.S. trading. Bears have the overall near-term technical advantage. However trading has been choppy during August. 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 neutral early today. The dollar index finds shorter-term technical resistance at this week’s high of 93.555 and then at last week’s high of 94.055. Shorter-term support is seen at this week’s low of 92.920 and then at 92.830.

    NYMEX CRUDE OIL

    October Nymex crude oil prices are slightly lower. Bls and bears are on a level overall near-term technical playing field amid recent choppy trading. Look for buy stops to reside just above technical resistance at Wednesday’s high of $48.50 and then at this week’s high of $48.91. Look for sell stops just below technical support at this week’s low of $47.21 and then at $47.00.

    GRAINS

    Grain futures markets were slightly up overnight. Traders will closely examine this morning’s weekly USDA export sales report. Grain market bears remain in solid overall near-term technical control. The focus this week is on the annual Pro Farmer crop tour of the Corn Belt. Traders are looking ahead to the U.S. harvest of corn and soybeans, which is just a few weeks away.

    * 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.