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Morning Market Report for Tuesday May 15, 2018

May 15, 2018

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Calendar


Economic News

  • Home Depot misses comparable-sales forecasts as spring selling dips – U.S. comparable-store sales also fell short of expectations, and customer traffic dipped 1.3 percent, which pushed shares down 3% in pre-market trading. Read More…
  • U.S. retail sales increase moderately in April – The Commerce Department said on Tuesday that retail sales rose 0.3 percent last month. Read More…

Major Index Futures

  • Summary – indexes showed slowing momentum yesterday with the RUT (a leading indicator) showing a decline.
  • S&P 500 futures  up 0.09% yesterdaysupport at 2650 and resistance at 2750. 
  • Dow 30futures – up 0.27% yesterday, support at 23,500 and resistance at 25,000. 
  • Nasdaq Composite – up 0.09% yesterday, support at 7,000 and resistance at 7,500. 
  • SmallCap 2000 futures down 0.33%, support at the 1500 level and resistance at the 1615 level.
  • Key Index Futures (Updated 6 days a week 23 hours a day) Interactive Charts
  • Futures for the Nasdaq 100 Futures differ in price but not action from the Nasdaq 5000 Index.

  • Interactive Charts – 
  • The charts below are for the futures so that you can have a head start on the market before it opens.

 


Commodities

  • Gold  – bearish this morning after posting a doji candle yesterday, testing support again at 1300, gold has been moving slowly between support and resistance near 1360 for months.
  • Silver – bearish this morning after showing a reversal pattern the last two days, just like gold is going south and looking to retest support at 16, overhead resistance at 17.
  • Crude Oil – Continues to rally, Support at 66, pushing up against resistance at 72. Oil prices hit fresh three-and-a-half-year highs on Tuesday, as looming U.S. sanctions against Iran raised fears that markets will face shortages later this year when trade restrictions come into effect.
  • Natural Gas –bullish again as Ng pushes past the previous resistance at 2.8. Natural gas futures rose to its best level in around there months on Tuesday, as updated forecasting models pointed to above-average temperatures covering most of the country through the end of May. That should help boost early summer cooling demand for the fuel.
  • Key Commodity Futures

  • Interactive Charts

 


Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – XLE Energy and XLRE Real Estate are the most bullish. However, XLI, XLK, and XLF did well last week.
  • Bearish – XLP is the most bearish sector, followed by XLU.

 

  • The chart below compares the last 20 days of sector performance in an easy to see chart. 
    • Interactive Major Sector ETF’s
  • My Current Favorite Key Industries ETF Interactive Charts –

Currencies

    • USD – $93.13 – Bullish – the dollar is in a bullish again.
    • The Charts Below are 3-Month Daily


Cryptocurrencies

  • Cryptocurrency 3-month Charts
  • Bitcoin –  just over flat for the month

 

  • Bitcoin Cash- very bullish for the month.

 

  • Ethereum – very bullish for the month.

 

  • Litecoin – slightly bullish for the month.

 

 

 

 


Tackle Trading 25

      • Welcome to the new Tackle Trading Covered Call List for 2018
        • For Slightly Bullish Trends
          Naked Puts, Covered Calls, and for stocks over $100 Bull Put Spreads
        • For Neutral Trends
          – Iron Condors are great for stagnant stocks
        • For Slightly Bearish to Trends 
          – deep-in-the-money covered calls or Bear Call Spreads for stocks over $100
        • (be careful with overly aggressive directional trades like Shorting or buying Puts)

Final Trading Thoughts:

  • Bearish Market Bias – yesterdays doji candle along with the slowing momentum on the days before pointed to a reversal, today’s pre-market open futures confirm that we will be gapping down this morning across all indexes
  • Bears seem to be in control of everything except for the dollar, oil, and natural gas.
  • Happy Tuesday, and if you haven’t already make sure to check out the Market Scoreboard.

 


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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 loses money in the stock market.

A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports, the Market Scoreboard, blogs, and appearances on the Coaches Show and the Cashflow Club for Tackle Trading. Hector specializes in cash-flow strategies such as Covered Calls on the Tackle 25 Watchlist, the Personal Gold System, Cashflow Condors, and speculating on Futures.

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