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Morning Market Report for Monday July 9, 2018

July 9, 2018

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Calendar

Things to watch for this morning: None of the events today should really make a big impact on the market.


Major Index Futures

  • Overall SummaryThe market rumbled higher Friday, leaving a mystery as to what bullish factor outranked the U.S./China trade war.
  • S&P 500 futures the S&P 500 ran ahead 0.8%resistance at 2,800 and support at 2,700
  • Dow 30 futures  The blue chip Dow Jones industrial average trailed with a 0.4% gainresistance at 25,500 and support at 24,000
  • Nasdaq Composite The Nasdaq dashed 1.3% higherresistance at 7,800 and support at about 7,400
  • SmallCap 2000 futures also rose on Friday, 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, XLY and XLV are the strongest sectors.
  • Bearish – XLF, XLB and XLI are the weakest sectors.
  • Interactive Major Sector ETF’s

Currencies

    • USD – $93.75 consolidating within a longer-term uptrend
    • Bitcoin  – inched down on Monday, as floods in China and a European heat wave weighed on global mining capacity.
    • Ethereum – fell 0.86% to $481.06 on the Bitfinex exchange.
    • Ripple –  the third largest virtual currency, decreased 1.45% to $0.47740 while
    • Litecoin – was at $82.287, down 2.02%.

 


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 up again today with optimism strong not just in the US but also worldwide. The markets might have calmed down in its tensions over the U.S. versus China trade war.
  • 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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