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Morning Market Report for Wednesday June 27, 2018

June 27, 2018

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Calendar


Economic News

  • U.S. Mortgage applications recorded their steepest weekly fall in over four months  – even as most home borrowing costs fell in step with lower bond yields Read More…
  • New orders for key U.S.-made capital goods and shipments unexpectedly fell in May –  but data for the prior month was revised higher, suggesting moderate growth in business spending on equipment in the second quarter. Read More…

Major Index Futures

  • Overall Summary – The major indexes (not the Rut) where able to rebound yesterday from key technical levels and made a modest rebound yesterday from Monday’s losses.
  • S&P 500 futures rose 0.22% on Tuesday, resistance at 2,800 and support at 2,700
  • Dow 30 futures -ended 0.12% up yesterday, resistance at 25,350 and support at 23,850
  • Nasdaq Composite – rose 0.39% yesterday, resistance at 7,800 and support at about 7350
  • SmallCap 2000 futures – led yesterday rising 0.66%, resistance at 1710 and support at 1610
  • 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  – bearish – trying to find support near the 1250 – 1260 range with overhead resistance at 1300
  • Silver – sideways, near the bottom of its channel which has been a consistent range between 16 support and 17 resistance
  • Crude Oil after a double bottom and is now showing strength and might be getting ready to retest resistance at near 72
  • Natural Gas – continues consolidating near strong resistance at 3.00
  • Interactive Charts

Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – Consumer Discretionary (XLY) is the strongest sectors
  • Bearish -Utilities (XLU) continues to be the weakest sector
  • Interactive Major Sector ETF’s

Currencies

    • USD – $94.69 –  the dollar is forming a base within a longer-term uptrend.
    • Cryptos Turn Bearish
      • Bitcoin was trading at $6,101.10,
      • Ethereum fell to $432.03
      • Ripple dipped to $0.46040
      • Litecoin was down to $78.33.


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 – Index futures were just above flat this morning as the Trump administration takes a softer stance on foreign investments.

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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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