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. To read yesterday’s Market Recap by Solon click here https://tackletrading.com/market-recap-may-24-2017/
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):
8:30 AM – Durable Goods Orders, GDP, Corporate Profits (see below for updates on all three)
10:00 AM – Consumer Sentiment
1:00PM – Baker-Hughes Rig Count
11:00 – Kansas City Fed Manufacturing Index
Economic News Highlights:
- 1.2% Increase in Growth – U.S. Gross Domestic Product (GDP) QoQ – growth increased higher than expected. Read More…
- Durable Goods Orders better than expected – Total durable goods orders, which include transportation items, decreased by 0.7% last month, the Commerce Department said, compared to economists’ expectations for a decline of 1.2%. Read More…
- Corportate After Tax Proftis Y/Y at 12% (previously 22.3%) – Read More…
- Global Marktets Slipped Overnight – European and Asian Markets both fell. Read More…
- G7 Leaders Meeting – Trump and other leaders clash on trade and climate Read More…
Major Index Charts and Observations:
The markets had record highs yesterday, the S&P finally closed above 2405 which had been resistance for the last three months. Markets slipped slightly overnight (the Dow and the Nasdaq seem the most bullish this morning.)
- S&P 500 – Currently at 2,410
- Dow 30 – Currently at 21,082
- Nasdaq – Currently at 5,779
- S&P VIX – staying between 12.15 and 10.37
- Russel 2000 – Currently at 1386
Commodities:
- Silver – 17.259 – though still mostly neutral, if gold breaks out watch for silver to follow
- Gold – 1265 – gold is pushing up since the market closed last night triying to break above 1265 resistance.
- Natural Gas – 3.266 – though natural gas spikes some days, it has remained within a trading channel essentially neutral
- Crude Oil currently $48.55– after hitting $52 on OPEC speculation, the good news came and investers took their profits and ran…
Market Sectors:
Yesterday Energy and Basic Materials were the weakest sectors, and Technology continues to be the strongest. The financial sector was positive; but just barely.
Just about everything else was positive yesterday (no big surprise considering how well the market performed). Tomorrow you’ll get a fresh in-depth look at the market sectors as part of the Scouting Reports.
This is yesterday’s sector performance (first chart)
This is how the sectors have performed over the last 5 days (see below)
Currencies:
- USD currently $97.22 – the dollar has consolidated above $97 but still in a bearish trend.
- Bitcoin currenty $2545 – lost 4% overnight as the dollar stabilizes and with yesterdays bull rally
- Ethereum – currently at $193.69 – Etherum roughly follows Bitcoin trends (like silver roughly follows gold)
Tackle 25
Most traders look for trade setups using the same stocks over and over. The list below has been screened for cash-flow optimization across a broad collection of sectors. Below is how they performed yesterday.
Trading Thoughts
Remember that the markets are closed on monday; so happy Memorial Day Weekend to all…
The markets had record highs yesterday, the S&P finally closed above 2405 which had been resistance for the last three months. Markets slipped slightly overnight (the Dow and the Nasdaq seem the most bullish this morning.)
0 to +1 Market Bias – I am feeling neutral on the S&P and just slightly bullish for the Nasdaq and the Dow.
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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4 Replies to “Morning Market Report Friday May 26”
Thank you for the report:)
Thank you Hector. Your reports are really helpful. Keep up the good work. Adi
Very Good
EL_GUAPO and AdiPuplampu I am so glad that you both llike the report 🙂
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