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Things to consider before US market open today

Updated: 06 July 2020
  1. SPX futures (/ES)moved higher in the morning and now are trading in the resistance zone. So far we did not see a reaction but the ETF SPY is showing that it may open in the new areas of resistance. 3180-3200 is the next spot for the push on the intra-day basis or we can fall below the pivot 3156. Note that the rise was triggered by the Asian session with FXI and KWEB up +7+ and 5%+ respectively.

SP500 Futures Chart July 2020

  1. Europe is strongly positive FTSE +1.86%; DAX +1.72%; CAC40 1.75% this morning. During the morning session we did see a continuation/catch-up of the Asia trading and Europeans continued the momentum. As the US has more power, watch how the US traders will react to the gap in the first 60-90mins of the session.
    https://money.cnn.com/data/world_markets/europe/
  1. This week is poor in important news and releases so just some basic economic news with high rating is expected this morning at 10am (ISM Non-Manufacturing PMI); aside from this, nothing fancy this morning.
    https://www.investing.com/economic-calendar/
  1. Gold Futures closed strong on Friday and currently area trading in the mid of the Friday range. The compression this morning will definitely evolve in an expansion of the price and as we are looking for upside momentum watch open area for a quick long ~ $1787. Crude Oil (/CL) trading in the 40.60s at the moment and as the economies are trying to rebound, the optimism in demand expands as well driving the price higher slowly.
  2. Some active IPOs to focus this week. All of them have brilliant setups and might present good buying opportunities like we had in $API last week. The tickers are: $AMTI $FOUR $NARI $ACI $ZI $GTH

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