Morning Market Report – Tuesday May 30th
May 30, 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.
This report can be part of your 7 Step Process to Successful Trading. By helping you start at the top of the markets, choosing a trading strategy, and finding and analyzing potential trades. So don’t start trading uninformed; add the Morning Market Report to your daily routine.
Todays Economic Calendar (Eastern Time Zone):
8:30 AM – Personal Income and Outlays (see below)
9:00 AM – S&P Corelogic Case-Shiller HPI
10:00 AM – State Street Investor Confidence Index and Consumer Confidence Reports
10:30 AM – Dallas Fed Mfg Survey
Economic News Highlights:
- .4% Increase in Personal Spending in April – this was inline with expectations. Read More…
- Global Stocks mostly lower – European stocks were for the forth day in a row. Read More…
- Crude oil remains low at $47 – despite OPEC agreement oversupply concerns remain strong
Major Index Charts and Observations:
With the markt at near record highs stocks are set to open flat as more economic data is on tap.
- S&P 500 – Currently at 2,410
- Dow 30 – Currently at 21,080
- Nasdaq – Currently at 5,789
- S&P VIX – staying between 12.06 and 10.66
- Russel 2000 – Currently at 1376 – continues its “iron condor” friendly neutral pattern
Commodities:
- Silver – 17.296 – after a hard fall silver is once again holding steady and is mostly neutral like gold
- Gold – 1261 – has been consolidating mostly neutral lately
- Natural Gas – 3.196 – natural gas is in between seasons; trading within a neutral channel
- Crude Oil currently $49.44– despite OPEC agreement oversupply concerns remain strong
Market Sectors:
Most sectors have been positive lately (with six straight positive days for the market this is not a big surprise) the weakest sector is XLE Energy and the second most week is XLF Financials. XLK Technology continues to be the most postive sector.
Currencies:
- USD currently $97.22 – the dollar has consolidated above $97 but still in a bearish trend.
- Bitcoin currenty $2,291 – still up $947 in the last month
- Ethereum – currently at $211 – up $139 in the last month
Trading Thoughts
0 or Neutral Market Bias – I am feeling neutral for todays market. With the markt at near record highs stocks are set to open flat as more economic data is on tap.
More Bearish Neutral More Bullish
-3 -2 -1 0 +1 +2 +3
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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 looses money in the stock market.
A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports for Tackle Trading.
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