January PPI M/M +0.6% vs +0.3%: Market Pulse

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*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 higher, up 0.04%

– Russell 2000 futures are down 0.17%

– Gold futures are up 0.65%

– Crude oil futures are trading higher, up 0.53%

– Natural gas futures are trading lower, down 0.95%

S&P futures are holding up against all time highs once again into this morning’s open as bullish conviction remains strong. Remember that tomorrow kicks off a two day Fed meeting, so I suspect that we are going to see some consolidation begin to set in ahead of that event.
-> Correlating ETF SPY

Russell 2000 futures rallied to new highs in yesterday’s session and are holding steady into this mornings open within yesterday’s price range. If price drops below 1388 with conviction then I am considering next support down at 1355 for possible long interest.
-> Correlating ETF IWM

Gold futures are beginning to climb once again as the indexes consolidate up against all time highs. The next two days should be supportive of the next move in gold. At this point I still believe that we could see 1300’s over last week’s highs, in observation mode for the time being.
-> Correlating ETF GLD

Crude oil futures are attempting to recover ground lost in yesterday. Price still has a ways to go before confirming the next leg of this trend, but bulls are working hard to hold their ground at these levels. My conviction remains bullish as long as this daily range continues to hold.
-> Correlating ETF USO

Natural gas futures have dropped further into daily support between 3.013 and 2.9 in the overnight session testing the bottom of that area as I write this. If price blows through this level, I am considering secondary support in the 2.705 area for long interest.
-> Correlating ETF UNG

Happy trading!

Burk

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