|Day's Range||6,464.7378 - 6,688.8901|
|52 Week Range||5,521.5200 - 7,186.0898|
The key level to overcome on the upside is 6760.75. This is a possible trigger point for an acceleration into 6867.00 to 6867.75. Overtaking this area could fuel the start of an even stronger rally.
The U.S Dollar has been strong as 10-year Treasuries in the States have climbed towards a 3% yield.
The U.S Dollar has remained a huge talking point as it builds momentum in forex as bond yields increase in the States.
The US stock markets drifted rather aimlessly during the trading session on Monday, as traders came back from the weekend. The market continues to be very bullish longer term, but the last couple of weeks have been very difficult. Interest rates are climbing in the bond market, and that of course influences stock markets in America. Currently, it seems as if the market is ignoring that.
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to Friday’s low at 6646.00.
Baker Hughes A GE Co (NYSE:BHGE) reported first-quarter earnings that beat Wall Street estimates helped by a one-time tax benefit and an increase in oil prices. The oilfield services company controlled by General Electric Company (NYSE:GE) generated revenues of $5.4 billion in the quarter.
Based on last week’s close at 6676.25 and the price action, the direction of the index this week is likely to be determined by trader reaction to the 50% level at 6759.75.
US stock markets were a bit soft on Friday, rolling over and showing signs of exhaustion. Higher interest rates continue to weigh upon the Dow Jones 30 and the NASDAQ 100, but I think there’s plenty of support underneath to eventually turn things back around.
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the 50% level at 6760.50.
Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) issuing a weaker than expected guidance for the June quarter continues to raise serious concerns about Apple Inc. (NASDAQ:AAPL)’s Q2 Prospects.
The Dow Jones 30 and the NASDAQ 100 both pulled back a bit during the trading session on Thursday, looking for support. However, the market looks likely to see plenty of support underneath, so I think it’s only a matter of time before we go higher.
Globally, politicians’ economic policies tend to impact equity markets. Looking at a few examples, Indian equity markets rallied in 2014 after Narendra Modi stormed to power. In the US, President Trump’s reform agenda helped buoy investor sentiments and markets rose sharply after his election in 2016.
A surge in trading activity in the first quarter helped Morgan Stanley (NYSE: MS) report record first-quarter profit that topped Wall Street expectations.
Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the 50% level at 6760.75.
Asian markets have declined moderately although China’s growth numbers did match their expectations. US futures rise on strong earnings.
Apple Inc. (NASDAQ:AAPL) has suffered a big blow as it seeks to become a heavyweight in the music streaming business. Despite commanding huge chunks of money capable keeping rivals at bay, the tech giant has lost one of its top talents, in the name of Carl Cherry, to its fiercest rival Spotify Technology SA (NYSE: SPOT).
The Dow Jones 30 and NASDAQ 100 both rallied slightly during the trading session on Monday, as traders came back from the weekend breathing a bit of a sigh of relief with a lack of escalation in Syria.
The broad markets have taken a wait and see approach as Wall Street readies to open. Early Futures calls for U.S Indexes indicate a higher open.