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01Jun2016 Pre-Market Commentary: US Futures Fractionally Down, WTI Crude Trading In The Mid 48's, US Dollar Exhibiting Weakness, Investors Wary Of Global Economics

Written by Gary

US stock future indexes are fractionally lower (SPY -0.2%), putting the market on track to extend yesterday's decline, as investors stay cautious ahead of big economic releases later this week. Global equity markets has started the new month on the back foot today, undermined by lackluster economic data and an oil price slide that took the edge off energy and mining shares.


Here is the current market situation from CNN Money

U.S. STOCK INDEXES

Closes above April's high crossing at 2105.00 would open the door for a possible test of weekly resistance crossing at 2110.00. Closes below the 20-day moving average crossing at 2062.55 would confirm that a short-term top has been posted.

First resistance is Tuesday's high crossing at 2103.60. Second resistance is April's high crossing at 2105.00. First support is the 20-day moving average crossing at 2062.55. Second support is May's low crossing at 2022.50.

The June NASDAQ 100 was lower due to light profit taking overnight as investors stayed cautious ahead of big economic releases later this week. Reports are due on monthly car sales, manufacturing and construction spending, and accessories sellers Michael Kors Holdings Ltd. And Vera Bradley Inc. are expected to post earnings before the open. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.

If June extends the aforementioned rally, April's high crossing at 4584.50 is the next upside target. Closes below the 20-day moving average crossing at 4384.79 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4537.50. Second resistance is April's high crossing at 4584.50. First support is the 10-day moving average crossing at 4432.38. Second support is the 20-day moving average crossing at 4384.79.

The June S&P 500 was lower due to profit taking overnight as it consolidates some of the rally off May's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a double top with April's high might be forming.

What Is Moving the Markets

World growth worries give stocks lackluster June start

LONDON (Reuters) - Global equity markets started the new month on the back foot on Wednesday, undermined by lackluster economic data and an oil price slide that took the edge off energy and mining shares.

U.S. court rules $24.9 billion Dell buyout underpriced by 22 percent

WILMINGTON, Del (Reuters) - Michael Dell and Silver Lake Partners underpriced their 2013 $24.9 billion buyout of Dell Inc by about 22 percent and may have to pay tens of millions to investors who opposed the deal for the computer maker, a Delaware judge ruled on Tuesday.

Four automakers selling some new vehicles with defective Takata airbags: report

WASHINGTON (Reuters) - Four automakers confirmed they are selling some new vehicles with defective Takata airbags that will eventually have to be recalled, U.S. Senate Commerce Committee Democrats said in a report Wednesday.

China's banks ramp up compliance as global push hits snags

BEIJING (Reuters) - China's biggest banks are beefing up their risk management and compliance programs, following a series of high-profile judicial investigations and regulatory probes in the United States and Europe.

Factories stuck in low gear on sluggish demand

LONDON/BEIJING (Reuters) - Global manufacturing activity remained stuck in a rut last month with factory output from Asia to Europe barely improving as producers struggled to bring in new orders, surveys released on Wednesday showed.

Japan PM delays sales tax hike, puts fiscal reform on back burner

TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe announced on Wednesday his widely expected decision to delay a scheduled sales tax increase by two-and-a-half years, putting his plans for fiscal reforms on the back burner due to growing signs of weakness in the economy.

Gulf OPEC members seek to revive global oil output deal

VIENNA (Reuters) - Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday, a senior OPEC source said, but Iran signaled the country was not ready for any such pact.

Japan's SoftBank plans to sell $7.9 billion in Alibaba stock to cut debt

(Reuters) - SoftBank Group Corp said it will sell at least $7.9 billion of shares in Alibaba Group Holding Ltd - a move that will cut the Japanese firm's debt amid worries about losses at its U.S. telecoms unit Sprint Corp.

Exclusive: Asian regulators ask banks to reveal Panama Papers' links - sources

HONG KONG (Reuters) - Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked 'Panama Papers', which contained details on thousands of shell firms, people familiar with the requests said.

Frontrunning: June 1



Japan PM delays sales tax hike, puts fiscal reform on back burner (Reuters)

Japanese Shoppers Keep Wallets Shut Despite Sales-Tax Delay (BBG)

Global stocks limp into June on oil and data slips (Reuters)

Euro zone factory growth remained tepid in May - PMI (Reuters)

China's factories steadying but weak, hopes for quick recovery fade (Reuters)

Euro-Area Manufacturing Near Stagnation Signals Slowdown Ahead (BBG)

OPEC Ministers Say Oil Market Moving in Right Direction (BBG)

Wall Street Turns to ETFs to Sidestep Illiquidity in Bond Market (BBG)

U.S. Steel Tariffs Create a Double-Edged Sword (WSJ)

Governments must boost spending to escape 'low-growth trap': OECD (Reuters)

Populist as President Emerges as Option for Beleaguered Mexicans (BBG)

North Kore ...

Why Oil's Cost Is as Important as Its Price

Cheaper services are allowing some oil producers to survive, particularly in Russia, while others, such as Venezuela, are facing steep production declines.

China and MSCI: Index Inclusion Creates Illusion of Grandeur

The odds are tilting toward MSCI possibly including Chinese domestic shares in its indexes. Investors should be wary of the hype.

Alibaba Now Faces Two Big Sellers: SoftBank and Yahoo

SoftBank is selling a stake Chinese e-commerce giant Alibaba for the first time. Along with Yahoo, that means two major Alibaba shareholders are looking for at least a partial exit.

Leading Index Review: April 2015 Philly Fed Leading Index Forecasts Marginal Slowing In Rate of Growth

Written by Steven Hansen

This post is a review of all major leading indicators follows - and no leading index is particularily strong. A summary of the indices are at the end of this post.

Seven ways to avoid getting snookered in the stock market

Cases at the Securities and Exchange Commission from this year provide valuable lessons, says Michael Brush.

The Wall Street Journal: Salesforce to buy Demandware for $2.8 billion

Salesforce announced a deal to buy e-commerce platform company Demandware for $2.8 billion in cash.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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