11 Minute Read

Morning Market Report for Friday June 22, 2018

June 22, 2018

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Calendar

 


Economic News

  • OPEC moves toward raising oil supply as Iran softens stance – OPEC moved closer on Friday toward boosting oil output as its leader Saudi Arabia appeared to have persuaded arch-rival Iran to cooperate after major consumers warned of a supply shortage. Read More…

 


Major Index Futures

  • Overall Summary – The bigger the concerns about the future economy, the harder the markets tend to fall. That pretty much summed up Thursday’s action.
  • S&P 500 futures The S&P 500 fell 0.6% as strength in supermarket, discount retail, department store chain and restaurant stocks helped cushion the blow a bit, resistance at 2,800 and support at 2,700
  • Dow 30 futures the Dow Jones industrial average lost 0.80%, resistance at 25,350 and support at 23,850
  • Nasdaq Composite The Nasdaq composite, holding the biggest gains so far in 2018, naturally had the most to lose. The composite ended down0 0.88%
  • SmallCap 2000 futures – small caps led the decline falling 1.06%, resistance at 1700 and support at 1600
  • 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 held on to support at the 65 level and is rising today ahead of the OPEC meeting
  • 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 – $94.27 –  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 lower. The digital coins have struggled to gain ground in recent weeks amid accusations of price manipulation, unscablity, and security concerns among exchanges.
    • Bitcoin  – Bitcoin was trading at $6,358.7 decreasing 6.07% on the Bitfinex exchange, as of 7:37 AM ET to a seven-month low.
    • Ethereum – slumped 10.20% to $486.43 on the Bitfinex exchange.
    • Ripple –  the third largest virtual currency, decreased 6.87% to $0.50402
    • Litecoin – was at $88.73, down 8.86%.

 


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:

  • Slightly Bullish Market Bias – As Bitcoin hits a seven-month low futures point to a higher opening but trade worries remain in focus. The optimism is over the 9:45 release of both the U.S. manufacturing and services sector rounds off the week of top-tier economic data. Also supporting stocks this morning is optimism over Europe granting debt relief to Greece. 

 


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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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