The XJO is expected to open flat this morning. The U.S recovered overnight and their futures are flat this morning.
We recovered well yesterday, rebounding off the underlying uptrend line, key support at 7,700, and the 50 Day MA. We stalled at 7,800 though, and this morning we will test it again.
Markets are likely to reman quiet heading into the GDP reading on Thursday night. We also have our CPI reading tomorrow. Data remains key for market moves as it changes the likelihood of rate cuts this year – which has caused much of the rally since October last year.
US Markets
US shares were closed overnight for the Memorial Day public holiday. US futures did tick higher though and US shares are trading around all-time highs, with optimism around the potential for interest rate cuts later in the year.
Technically, the SP500 has held the previous resistance level around 5,260 as support. This leaves the index in a very tight sideways range between the 5,260 level, and the recent all-time high around 5,320. We will need to see a close beyond one of these levels before a directional move will look likely.
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Advisor at TradersCircle and Emerald Financial
Joining the team at TradersCircle in 2011, Karo has extensive experience in both investing education and derivatives trading.
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