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Things to consider before US market open today

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Updated: 02 July 2020
  1. The SP500 futures are doing great after the momentum in technologies yesterday. At the moment we are expecting a continuation but first we need to consider the NFP unemployment numbers that are going to be released at 8:30am NY time. Some strategic gaps are setting up and this morning we see positive bullish sentiment.

sp500 Chart 02072020

  1. Europe is optimistic with FTSE +0.96%, DAX +1.91% and CAC40 1.67%. Asia green as well with Shanghai Composite +2.13%; Hang Seng +2.85% and Nikkei +0.11%. We are heading into a long weekend as the USA markets are closed tomorrow for the pre 4th of July Friday.
  2. Commodities: Gold is rising back to 1780 after yesterday shake-out. GDX had a nice close yesterday and despite the future’s slow moves, the ETFs are reacting well. It’s a long-term pattern play vs inflation so you have to be patient. Crude is not doing much, avoid it.
  3. NFP this morning is about to either confirm or deny the morning price action. Considering the optimistic sentiment and the huge amounts of funds pumped into the market, even a worse than expected numbers will be considered positive so let’s watch the news and see where do we open.
    https://www.investing.com/economic-calendar/
  4. TESLA news help the stock climb to new highs after it broke $1027.47/share mark this week https://www.cnbc.com/2020/07/02/tesla-tsla-q2-2020-vehicle-delivery-and-production-numbers.html

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