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.
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
Earnings Summary for Today
Earnings Calendar provided by Investing.com.
leading Stock Positions
Leading Stock Quotes powered by Investing.com
Current Commodity Prices
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Econintersect Live Market
|.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet|
|Asia / Pacific|
|Middle East / Africa|
This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved