See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“He who knows when he can fight and when he cannot will be victorious.” – Sun Tzu
After a seemingly endless run of days where the futures indicated big moves at the opening bell, this morning, futures on all of the major averages are very little changed fluctuating on either side of unchanged. Even bitcoin is flat on the day! It’s not like there is a lack of potential catalysts, though. We have weekly jobless claims at 8:30, and then at 10, we’ll get the latest reads on Services PMI, Factory Orders, and Durables Goods. Also, don’t forget about Powell’s testimony at 10 AM, and continued developments out of Ukraine..
Jobless claims were just released, and while initial claims were expected to come in at a level of about 230K, the actual reading came in at 215K. Continuing claims were forecast to drop to around 1.44 million, and that reading came in higher than expected rising to 1.476 million which was unchanged from last week.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
With little change in the futures this morning, we thought this would be a good time to take a look at the technical picture for the major US indices. While yesterday’s bounce was welcome, it did little to improve the downtrends in the major averages.
The S&P 500 tracking ETF (SPY) hit a two-week high yesterday, which is less common this year than hitting record highs was last year. Despite the gains, though, the index has yet to even test its downtrend or 200-DMA which doesn’t come into play until around 4,450 on the index and about 445 for the ETF.
Start a two-week trial to Bespoke Premium to read today’s full Morning Lineup.