11 Minute Read

Morning Market Report for Thursday June 21, 2018

June 21, 2018

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Calendar

 


Economic News

  • Philly Fed Index Unexpectedly Falls in June –  to a reading of 19.9 from 34.4 in May, the Philly Fed reported on Thursday.
    The consensus forecast had been for a reading of 28.9. Any reading above zero indicates improving conditions, below indicates worsening conditions. Read More…

 


Major Index Futures

  • Overall Summary – Wall Street gains continue with the Nasdaq posting posting new all-time highs.
  • S&P 500 futures The Nasdaq composite posted a solid gain of 0.7% on Wednesday, resistance at 2,800 and support at 2,700
  • Dow 30 futures the Dow Jones industrial average could not keep up. The blue-chip index fell nearly 0.2%, resistance at 25,350 and support at 23,850
  • Nasdaq Composite The Nasdaq ended down -0.28%,  pushing up against resistance at 7,750 and support at 7,250
  • SmallCap 2000 futures – ended the day up 0.6%, pushing up against resistance near 1700 and support at 1580
  • 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.
  • The charts below are for the futures so that you can have a head start on the market before it opens.

 


Commodities

  • Gold  – very bearish gold broke down and is trying to find support near the 1260 – 1265 zone, overhead resistance is near 1300
  • Silver – sideways, near the bottom of its channel which has been a consistent range between 16 support and 17 resistance
  • Crude Oil Crude oil continued to pull back despite an EIA inventory report that showed a greater than expected decrease in supplies. Trying to hold on to support at the 65 level.
  • Natural Gas – bullish trend – pushing up near resistance at 3.00
  • Key Commodity Futures

 

  • Interactive Charts

 


Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – Consumer Discretionary (XLY) and Technology (XLK) are the strongest sectors
  • Bearish -Utilities (XLU) continues to be the weakest sector

 

  • 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 – $94.84 –  Bullish – the US Dollar pulled back slightly off the highs it posted earlier in the week.
    • The Charts Below are 3-Month Daily

 

 

 


Cryptocurrencies

  • Overview  – Cryptocurrencies overall were slightly higher, on Thursday but Bitcoin still remains near a six-month low. The digital coins have struggled in recent weeks amid accusations of price manipulation and a Bank of International Settlement report saying alternative coins are unscalable.  Bitcoin still remains near a six-month low.
  • Below are charts for
    • Bitcoin  – was trading at $6,732.3 increasing 1.38% the Bitfinex exchange, as of 7:47 AM
    • Ethereum – was higher, rising 1.74% to $533.12 on the Bitfinex exchange.
    • Ripple –  the third largest virtual currency, increased 1.28% to $0.53806
    • Litecoin – was at $96.73, up 0.58%.

 


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 – Futures point to a lower opening as trade tensions mount in the “tit-for-tat” trade spat between the United States and China. This is especially hurting the members of the Dow Jones Industrial Average since it is composed of multi-national companies with exposure to China.

 


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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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