Initial Claims 239K vs 245K: Market Pulse

U Posted by d Leave a reply

*NOTE: Our daily market update tracks the futures contracts that correlate to the ETFs that we swing trade.

Good Morning!

– S&P futures are trading lower, down 0.21%

– Russell 2000 futures are down 0.40%

– Gold futures are up 0.49%

– Crude oil futures are trading higher, up 0.43%

– Natural gas futures are trading lower, down 0.44%

S&P futures are pulling back slightly off of new all time highs posted in yesterday’s trading session. The S&P has continued to rip to new highs as of late and i am viewing any pullback for possible long interest. Initial support is down in the 2294 territory. Next week the Fed will be announcing its monthly interest rate decision so that could initiate a short term sell off.
-> Correlating ETF SPY

Russell 2000 futures posted new highs in yesterday’s trading session and price has pulled back slightly overnight but still holding just beneath current highs. The conviction is clear, so any pullback will be viewed as a buying opportunity. Initial support is down between 1334 and 1338.
-> Correlating ETF IWM

Gold futures got a nice little bump off of yesterday’s lows and have continued to climb in overnight trading. Price reacted right off of that area of daily support that I had my eyes on between 1217 and 1199. Key resistance is up at 1245 over which I think that this thing has room to run back up into the 1300 area.
-> Correlating ETF GLD

Crude oil futures are consolidating within a 4 day range ahead of this morning’s inventory reports. The current movement shows a lack of conviction at these levels which means that there is really nothing for us to do until the current range is broken.
-> Correlating ETF USO

Natural gas futures are back down against critical support at 2.90. If price drops below this level with conviction, then I am eyeing secondary support down in the 2.696 area
-> Correlating ETF UNG

Happy trading!

Burk

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