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Morning Market Report for Thursday June 28, 2018

June 28, 2018

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Calendar


Economic News

  • U.S. First Quarter GDP Growth Slows to 2.0% – The U.S. economy grew at a slower rate than initially reported in the first quarter, according to data released Thursday. Read More…

Major Index Futures

  • Overall Summary – The stock market was in a good mood early, comforted by news that President Trump’s plan to crack down on Chinese investments in U.S. firms could be less harsh than initially thought. However, traders were reminded that the market is extra volatile as the bears came into the stock market in afternoon trading and the market sold off sharply.
  • S&P 500 futures down 0.86% yesterday, resistance at 2,800 and support at 2,700
  • Dow 30 futures -down 0.68% yesterday, resistance at 25,350 and support at 23,850
  • Nasdaq Composite – the composite plummeted down 1.54% yesterday, resistance at 7,800 and support at about 7350
  • SmallCap 2000 futures – led the decline falling 1.68% yesterday, 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 range with overhead resistance at 1300
  • Silver – slightly bearish, at the bottom of its channel which has been a consistent range between 16 support and 17 resistance
  • Crude Oil – bullish, watch for a possible breakout as crude looks to retest resistance near 72
  • Natural Gas – continues consolidating near strong resistance at 3.000, support at 2.800
  • Interactive Charts

Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – XLY, XLP, and XLU are strongest sectors
  • Bearish – XLF and XLI are the weakest sectors
  • Interactive Major Sector ETF’s

Currencies

    • USD – $94.84 –  the dollar is forming a base within a longer-term uptrend.
    • Cryptos continued to fall on Thursday, as the Bank of England warned banks against cryptocurrency assets.
      • Bitcoin  – Bitcoin was trading at $6,101.40 falling 0.54%
      • Ethereum fell 2.56% to $433.40
      • Ripple dipped 1.64% to $0.45944
      • Litecoin was at $77.975, down 2.01%.


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 Bearish Market Bias – Index futures are down this morning continuing the selloff started yesterday afternoon.
  • In summary, Oil continues to rally, gold is testing support, and cryptos keep inching down as the market looks to open down this morning.
  • Be careful traders.

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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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