As great as things were for the DJIA when Boeing (BA), with its high price and weighting in the index, was on the way up, today the DJIA is feeling the pain of what happens when a high priced (weighted) stock in the index declines. With shares of Boeing set to open down over 10% this morning, its decline is set to have a negative impact of around 250 points (or 1%) at the open. Outside of BA, US equities are generally indicated higher following the lead of both positive starts to the week in Asia and Europe.
Please click the link below to read today’s Bespoke Morning Lineup.
As mentioned in today’s Morning Lineup, both China and European equities bounced this morning right at short term support from a brief late February consolidation. The S&P 500, meanwhile, finished off last week below its 200-DMA for the second straight day. While in a bit of a tougher hole than its international counterparts, the S&P 500 is also right at a potential support area from a period of consolidation in early February. Friday’s rebound off the early lows was a positive sign, and if equities can follow through today, it might just be enough to finally break out of the congestion area around the 2,800 level.
Start a two-week free trial to Bespoke Premium to see today’s full Morning Lineup report. You’ll receive it in your inbox each morning an hour before the open to get your trading day started.