Things to consider before US market open today

Updated: 21 May 2020
  1. SPX futures (/ES)is slightly lower but closed near the pivot at 2970s. The question today is will they push further with some sector rotation or we can see a pull-back. So far, the drop of the Wednesday was met by the bulls and now we can still try 2980-3000 if we hold yesterday lows. The 200 simple moving average is already at 2996.50.

  1. Europe is mixed Europe and Asia is slightly lower. FTSE -0.9%; DAX -1.38%; CAC40 -0.99%. Yesterday we saw a slow continuation in the US market but we held the pivot. Let’s see if today we can get some follow through into the major resistance.

  1. Crude Oil (/CL) is up almost 2% today after a great growth day yesterday of about 4.8%. Next pivot is 36.35. Watch for clues for XOM and CVX as these stocks are looking decent.


  1. This morning we are waiting for Jobless Claims at 8:30 and Philadelphia Fed Manufacturing Index. Another big announcement is at 10am with Existing Home Sales data. Also take note that Fed Chair Powell Speaks this afternoon at 2:30pm.


  1. Gold is lagging again and looks like we might get a deeper pull-back. From the Silver sector PAAS is the big winner but definitely needs a rest. That might help the market move higher as risk on is in the street. Vix is slowly getting a deeper pull into the Bollinger bands so it can be ready for a push. Watch SPX and VIXX indexes for alignment.

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