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Morning Market Report for Thursday July 5, 2018

July 5, 2018

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Calendar

Things to watch for this morning: Today pay attention to Jobless ClaimsEIA Petroleum Status Report and the FOMC Minutes


Economic News

  • U.S. private payrolls rose less than expected in June  – while the number of Americans filing for unemployment benefits unexpectedly rose last week, but that did little to change perceptions that labor market conditions continued to tighten. Read More…

Major Index Futures

  • Overall SummaryThe market traded most of the half session with little change as traders looked to an early close at 1 p.m. ET and the July 4 holiday. But in the final hour Tuesday, indexes reversed lower and ended the day in bad shape.
  • S&P 500 futures fell 0.5%, resistance at 2,800 and support at 2,700
  • Dow 30 futures  fell 0.5%resistance at 25,500 and support at 24,000
  • Nasdaq Composite down 0.9%resistance at 7,800 and support at about 7,400
  • SmallCap 2000 futures climbed 0.2%, 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 -at support near the 1240- 1250 range with overhead resistance at 1300
  • Silver – bearish, at support near 16 with overhead resistance at  17
  • Crude Oil – bullish, Crude oil continued to surge past resistance near 74.00, support at 66.50
  • Natural Gas – continues consolidating near strong resistance at 3.000, and finding support at 2.900
  • Interactive Charts

Sectors

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

Currencies

    • USD – $94.07 consolidating within a longer-term uptrend
    • Cryptos  –Bitcoin was higher on Thursday, as Thailand announced the date for its Initial coin offering (ICO) regulations and Malta passed a series of crypto and blockchain bills.
      Bitcoin was trading at $6,630.50, rising 1.33%
    • Ethereum rose 1.47% to $472.97 on the Bitfinex exchange.
    • Ripple, the third largest virtual currency, increased 0.96% to $0.48850 while
    • Litecoin was at $84.44, down 1.49%.

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 – markets are set to open higher on Thursday, as signs that Washington may ease back on plans for tariffs on European cars drove gains for automakers, offsetting further signs of tension with China.
  • Anyway, thank you for being a part of Tackle Trading and good luck trading today!

 If you are not a Pro Member and following the Stock & Option Picks, then check it out! There is a Promo code for Free 15 day trial:  THETA


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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