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Things to Consider Before US Market Open Today

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Updated: 26 August 2020
  1. SPX futures (/ES)is trading near yesterday high and Nasdaq futures are higher this morning. We do have some more room that might give u more opportunities in tech names that are leading. Yesterday Chinese technology stocks went through the roof like $BABA $NIO $YY but also we had a decent setup in $SBUX.

SPX Futures Chart August 2020

  1. Europe is mixed with FTSE is -0.23%; DAX +0.57% and CAC +0.33 at the moment. If we continue to hold with a continuation in the US session we may see further upside in EU zone as well. Asia is mixed with Shanghai Composite down -1.3%. More info will be available once the US market proves a continuation.

  1. From the calendar side we expect Durable Goods Orders at 8:30 NY time as well as Crude Inventories. No FOMC data today but next week we have the NFP week and some preliminary numbers coming next Wednesday so stay tuned.

  1. Gold is tightening and tries to set a trade in the 1900 zone. At the moment we do not have a clear setup and we need a reaction out of the upper trend-lines that should prove that bulls still have some steam.

Gold Futures Chart August 2020

  1. China should consider more effort to overcome WTO disputes. If that happens we may have more upside as the US-China trade issues might be easier to overcome, more info in the article. That will definitely help the market as well.

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