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Morning Market Report for Thursday May 31, 2018

May 31, 2018

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Calendar


Economic News

  • U.S. Consumer Spending – The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6% last month, compared to forecasts for a 0.4% gain.
  • U.S. Jobless Claims – The number of people who filed for unemployment assistance in the U.S. last week fell more than expected, remaining in territory consistent with a strengthening labor market, official data showed on Thursday.

Major Index Futures

  • Overall SummaryFor those who declared “sell in May and go away” appears that they will have to shut their mouths based on yesterday. But there is still one day left in May…
  • S&P 500 futures up 1.27% yesterday, the broad large-cap index has support at 2650 and resistance at 2750. 
  • Dow 30 futures – up 1.26% yesterday, the blue-chip index has support at 23,500 and resistance at 25,000. 
  • Nasdaq Composite – up 0.89% yesterday, the composite’s support level is at 7,000 and resistance at 7,500. 
  • SmallCap 2000 futures leading the pack, up 1.50% yesterday, 1640 is resistance 1540 is support.
  • 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 trend – gold recovered and is back above 1300 but the trend is still bearish as gold is well below the 50-MA
  • Silver – bearish – Support at 16 and resistance at 17.
  • Crude Oil – bearish again and falling hard! Has oil reached its peak?
  • Natural Gas – crazy up one day and down another
  • Key Commodity Futures

 

  • Interactive Charts

 


Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – The utility index has either lost less or gained more than the major indexes in each of the past five sessions. Also strong in the last month are XLE Energy and Technology XLK.
  • Bearish – XLP Consumer Staples are down and XLF fell yesterday

 

 

  • 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 Charts 

 


Currencies

    • USD – $94.03 – Bullish,
    • The Charts Below are 3-Month Daily


Cryptocurrencies

  • Cryptocurrency 3-month Charts
  • Bitcoin – bearish for the month –

 

  • Bitcoin Cash- bearish for the month –

 

  • Ethereum – bearish for the month

 

  • Litecoin – bearish 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 – Sell in May may be a good strategy for today since the market looks like it wants to sell off.

 


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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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