Rig count front and center: 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 0.30%

– Russell 2000 futures are down 0.83%

– Gold futures are up 0.13%

– Crude oil futures are trading lower, down 0.50%

– Natural gas futures are trading lower, down 0.16%

S&P futures have moved lower in overnight trading, peeling further away from all time highs. Into this morning’s open price is testing yesterday’s lows, below which support looks mild back down into the 2300 area. I am looking for bulls to step in showing signs of a slight bounce after the bell.
-> Correlating ETF SPY

Russell 2000 futures dropped down into intraday support at 1383 in overnight trading. If bulls begins to step in after the bell, I think that we could see those 1405 highs retested. However, if bears continue to weigh into this move, driving price below overnight lows then I believe that we will see a retest of 1355 support.
-> 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 range ahead of this morning ahead of the rig count news. 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 dropped below critical support at 2.9 in yesterday’s session, so at this point I am looking for next tier support between 2.696 and 2.546 for possible long interest.
-> Correlating ETF UNG

Happy trading!

Burk

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