Morning Market Report
May 8, 2017
The Morning Market Report is a daily report delivered to Tackle Trading members. In this report, you’ll receive a summary of major market news, the list of that day’s economic calendar, information regarding th major markets indexes, industry sector performance, comodities, currencies. and links to usefull sites and/or stories.
The Morning Market Report is designed to compliment the Scouting Reports (available to Pro Members) on Mondays and the Market Recap during the rest of the week so make sure to refer to those reports first.
So don’t start trading uninformed; add the Morning Market Report to your daily routine.
Todays Economic Calendar:
- 8:35
- James Bullard Speaks
- 8:45
- Loretta Mester Speaks
- 10:00am
- Labor Market Conditions Index m/m
- 12:30pm
- TD Ameritrade IMX
- 9:30pm
- Retail Sales
News Links:
Economic News Highlights:
- Macron wins French president election – though the elections have been a world market catalyst lately, the actual victory by a landslide was already price into the market and the had little impact on overnight trading.
- All major market indexes are currently significantly higher than the opening on Friday.
Major Index Charts and Observations:
- S&P 500 – Currently at 2,394 – after consolidating all week it reallied on Friday tryuing to break strong resistance at 2400,
- Dow 30 – Currently at 21,006 – had a bullish retracement and ready for a breakout with strength
- Nasdaq – Currently at 5,642 – with a nearly parabolic rise for months, the Nasdaq is still very bullish
- Russel 2000 – Currently at 1397 – closed Friday above the 10 day moving average with support at the 20 day moving average
All major market indexes are currently significantly higher than the opening on Friday.
(charts below are 5M intraday charts to show overnight futures trading)
Commodities:
All comodities have been taking a beating all week, except for Natural Gas that is essentally neutral.
- Silver currently 16.352 – Silver has been the biggest looser all last week, falling further and faster than Gold. Sitting near support at $16.25
- Gold currently 1232 – opening at same price as Friday, has been loosing ground for 3 weeks. Support is at 1225, if that does not hold, next support would be all the way down at 1200. Resistance is 1265.
- Crude Oil currently $46.01 – Oil spent most of last week having trouble breaking the $46 resistance.
- Natural Gas currently 3.1.75 – Historically Natural Gas should be falling in price during this time of the year with a pause in usage demand. but instead has been ignoring fundamentals such as increasing supply as speculators have been trading it sideways within a 3.10 to 3.35 range.
Market Sectors:
- Bulls – XLK (technology) and XLY (consumer discretionary) are the most positive.
- Bears – XLE (Energy) has been down
Major Currencies:
- The USD is currently at 98.76 the dollar has been unable to successfully break resistance at $99 and remains bearish.
TRADING THOUGHTS
- Bearish on Comodities – with consumer confidence at an all time high (the VIX is at record lows) the are having a hard time holding their own.
- Cautiously Bullish Market Bias – All major market indexes are currently significantly higher than the opening on Friday and are near resistance. But mixed economic reports and mixed overnight global markets add caution to the mix.
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Love it, love it, love it! You guys keep adding value week over week.
Thanks John, we truly appreciate you taking the time to comment; we’re so glad that you liked it and find value in it.
this is awesome!
Thank you, thank you, Harshal