The Morning Market Report is a daily report delivered to Tackle Trading members. In this report, you’ll receive a summary of major market news, the list of that day’s economic calendar, information regarding th major markets indexes, industry sector performance, comodities, currencies. and links to usefull sites and/or stories.
The Morning Market Report is designed to compliment the Scouting Reports (available to Pro Members) on Mondays and the Market Recap during the rest of the week so make sure to refer to those reports first.
This report can be part of your 7 Step Process to Successful Trading. By helping you start at the top of the markets, choosing a trading strategy, and finding and analyzing potential trades. So don’t start trading uninformed; add the Morning Market Report to your daily routine.
Todays Economic Calendar (Eastern Time Zone):
Today’s Economic Calendar is light (watch for unexpected world leader drama… )
8:30 AM – Chicago Fed National Activity Index (see below)
10:00 AM – Neel Kashkari and Patrick Harker Speak
Economic News Highlights:
- Fed National Activity Indexis up – the national activity index which rose to 0.49 in April from a flat 0.07 in March. More…
- Ford fires CEO- Mark Fields is outsted responding to poor recent performance by the company. More…
- Bitcoin Surges- up past $2,100 for the first time, almost doubling price this year along. More…
- The Dollar Continues to Fall – the falling dollar broke below $97 support last night
- Overnight World Markets Higher – Asian and Europe indexes both were higher in overnight trading.
- Crude Oil over $51 – oil continues to gain ground as investors expect OPEC to agree to productions cuts later this week. More…
Major Index Charts and Observations:
Markets are set to open
- S&P 500 – Currently at 2,384.75
- Dow 30 – Currently at 20,804.38
- Nasdaq – Currently at 5,663.251
- S&P VIX – Curently 12.16
- Russel 2000 – Currently at 1365 (slightly up from Friday’s opening, but still mostly neutral)
Commodities:
- Silver currently 17.060 – poking its head above $17 that has been resistance for it, next resistance is at $18
- Gold currently 1258.50 – look for resistance at $1,265
- Natural Gas currently 3.416 – bullishly broke above the its recent 3.35 to 3.10 channel
- Crude Oil currently $51.27– bullishly broke past resistance of $51
Market Sectors:
When looking for bullish stocks look within a bullish sector, and for bearish trades look within a bearish sector.
Most sectors were slightly bullish last week. The only exceptions are the following:
- XLE – still within a long-term bearish trend (even though this sector was up last week)
- XLF – Is currently in a neutral trend
- XLY – has been the second most bullish sector
- XLK – has been the most bullish sector
Currencies:
- USD currently $96.86 – the falling dollar broke support last night, look for new support all the way down at the $96 level
- Bitcoin currenty $2191.78 (up over $400 from last week) maybe Bitcoin is the new gold???
- Ethereum – currently at $172.59 – up over $81 since last week ( listen to Tackle Trading Podcast #216)
Trading Thoughts
With slightly positive world markets overnight, and early moring gains by Boing, Lockhead Martin, Ford, and the FAANG stocks (Facebook, Apple, Amazon, Netflix, Google) I am expecting the S&P and Nasdaq to open bullish, and the DJ30 to open slightly bullish.
Market Bias – I am feeling +1 using the following scale. (now if the market would only listen to me we’d be in good shape)
More Bearish Neutral More Bullish
-3 -2 -1 0 +1 +2 +3
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Hector Duenas Jr. started his trading journey during the height of the tech bubble in 2001 as part of the 90% that looses money in the stock market.
A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports for Tackle Trading.
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