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Things to Consider Before US Market Open Today

Yurii Kitikari
Yurii Kitikari trader
Updated 27 Jul 2021

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  1. The SP500 futures had a great reversal session led by DIA and IWM. Technology lagged but by the end of the day, all indices closed with a good green bar. At the moment we are trading near the highs 3131 which is a resistance spot. Having said that, we do see traction from RTY (Russel) or IWM that’s leading the move. Airlines like DAL, AAL, UAL and the sector JETS is moving well in the pre-market. We are considering a continuation or a sideways action for today. Fyi – Goldman Sachs reported earnings this morning, the stock is up almost 4% this morning.
    SP500 Futures Chart July 2020
  1. Europe followed yesterday reversal and got some traction this morning; DAX +1.94%, FTSE +1.79%, and CAC40 +2.36%. is mixed and only Nikkei is doing great with a +1.59% close. Biotech, Gold and Semiconductors looks like are doing well this morning. A day of rest for the major High Beta stocks will be a good sign that we want higher.
  2. Commodities: Gold closed strong yesterday and now is trading over 1805. There is no trigger to add or start a position here that is why we are holding from lower prices and reading the channel price action. Looking forward to add to this sector over the long term. Inflation hedge trade. Crude is approaching 41 but its in a flattish price action. Avoid the sector but watch today’s Oil Numbers at 10-30AM NY time.
    Gold Futures Chart July 2020
  3. Incredible breakout from Lumber Liquidators yesterday despite the market action. The breakout was spotted a bit late but the continuation might give an entry, watch the stock as it has broken from a large weekly base and might continue especially with rotation in Russel names.
    Lumber Liquidators Chart
  4. Apple wins the Tax battle with EU for 15Billion. Of course, it’s not considerable money for Apple but this means that the tax scheme used by the corporation to operate in Europe is fully legal and this creates a law case that might be applicable to other high tech giants.

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Yurii Kitikari
Yurii is an Ex-Prop Trader & Fund Manager for UK & Swiss Institutions who specialises in trading US equities