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Morning Market Report for Friday July 6, 2018

July 6, 2018

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Calendar

Things to watch for this morning: Today pay attention to the Employment Situation and International Trade data at 8:30 AM ET


Economic News

  • U.S. versus China Trade War Begins – U.S. tariffs on $34 billion worth of Chinese goods went into effect at 12:01 AM ET on Friday. China retaliates against the U.S. with additional tariffs for 545 items worth about $34 billion, including agricultural products, vehicles, and aquatic products, according to China Daily.
  • U.S. Job Creation Beats Consensus in June – 
    • Nonfarm payrolls (NFP) rose by 213,000 in June, according to official data released on Friday. 
    • The jobless rate unexpectedly rose from 3.8% to 4.0%, missing consensus expectations for it to remain unchanged.
    • Average hourly earnings advanced 0.2% month-on-month in June, below expectations for it to repeat at 0.3% gain.

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 up 0.86%, resistance at 2,800 and support at 2,700
  • Dow 30 futures  up 0.75% yesterdayresistance at 25,500 and support at 24,000
  • Nasdaq Composite up 1.12% yesterdayresistance at 7,800 and support at about 7,400
  • SmallCap 2000 futures climbed 1.18% 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 – gold bounced off support near the 1240- 1250 range with overhead resistance at 1300
  • Silver – slightly bearish, at support near 16 with overhead resistance at  17
  • Crude Oil – bullish retracement, Crude oil pulled back this week after resistance near 75, support is 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 – $93.83 consolidating within a longer-term uptrend

 


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 Friday but traders are cautious as the tit-for-tat trade war with China escalates. Be cautious traders today could be volatile.
  • I’ve enjoyed the NYC very much, people were super nice and the 911 memorial was impactful. Now its time to drive back home to Miami.
  • Thank you all 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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One Reply to “Morning Market Report for Friday July 6, 2018”

  1. Avatar RobinAikey says:

    Thank you Hector!

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