Dow up 3.21%
The Dow is leading the way in early NY trading for the week. The industrial average of 30 stocks is currently trading up over 3.2%. The NASDAQ likes. You can argue that the Dow stocks are playing catch up. They still remain down -14.34% on the year. While the NASDAQ index is currently up at 2.43% (the S&P is in between but closer to the Dow at -9%).
A snapshot of the market 12 minutes into the opening is currently showing:
- S&P index +79.01 points or 2.76% at 2942.71
- NASDAQ index up 182 points or 2.02% at 9196.99
- Dow industrial average up 781 points or 3.3% at 24466.90.
In other markets,
- spot gold is currently trading up $1.11 or 0.06% at 2744.78. It was as high as $1765.43 before rotating back to the downside recently
- WTI crude oil futures are up strongly on hopes for increased demand with supply already been cut by OPEC+. July contract is currently up $2.96 or 10.03% at $32.48.
In the US debt market, yields are moving higher in early trading:
- 2 year 0.165%, +2.0 basis points
- 5 year 0.3383%, +3.0 basis points
- 10 year 0.686%, +4.3 basis points
- 30 year 1.384%, +5.7 basis points
The EURUSD has continued its run to the upside and has now taken out the high from Friday and 61.8% retracement 1.08493. That is now close risk for longs.
The GBPUSD has extended above its channel trendline at 1.2188 but has run into resistance on the 1st look at the 100 hour moving average at 1.2209. The 38.2% retracement of the move down from the May 8 high comes in at 1.22229. Each would need to be broken if the buyers are to take more control from the sellers.
The AUDUSD, NZDUSD and USDCAD continues to trend and trade at new extremes for the day. The AUDUSD is looking to retest its 100 day moving average above at 0.65088. The NZDUSD moved back above its 100 hour moving average at 0.5998 and now looks toward its 200 hour moving average at 0.60388. For the USDCAD, it looks to test the 61.8% retracement of the move up from last week's low to last week's high. That comes in at 1.3991.
