Thursday’s close at all-time highs is seeing follow through this morning as futures traders continued the bullish tone overnight. While there was little news flow over the weekend, price momentum is in favor of the bulls, as the path of least resistance is to the upside.
The Georgia Senate runoff is due up tomorrow, so there are questions on how the market will react if the Democrats pull off a sweep. Traders should expect lower volumes today, as big money awaits that event.
S&P Futures Trading Levels
The S&P futures currently sits at 3765, trading just below the overnight highs, which have marked the new all-time highs.
Support levels for the day will be 3762 and 3739.
Upside resistance is 3776 and 3814.
The current S&P trading environment is breaking out higher. The January effect could create a grind up situation that eventually becomes overbought. For now, the bulls aren’t stopping, but when they do, investors should be aware that the moving averages in the S&P are a long way down.
Three Stocks to Watch
TSLA- Tesla is trading up 3% after the company beat the streets estimates for 2020 vehicle deliveries. While there are questions on the stock’s valuation, the shareholders of hottest stock of 2020 seem to becontent buying at all-time highs.
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GLD- Gold is on watch, breaking 2% higher overnight. Great start to the year as the futures contract has cleared the 50-day moving average. Gold ETF GLD is the easiest way for investors to enter the gold market, which is of interest due to government spending and the weak dollar.
GBTC/Bitcoin– Bitcoin is another play on the weak dollar and ripped to all time highs of $34,000 over the holiday weekend. This morning we saw a violent pullback in Bitcoin futures, as it fell back below the $30k level. While Bitcoin isn’t for everyone, it has become accepted among the investment community as a hedge against inflation and the dollar.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Image: Bigstock
Bulls to Kick off 2021 in the Green
Thursday’s close at all-time highs is seeing follow through this morning as futures traders continued the bullish tone overnight. While there was little news flow over the weekend, price momentum is in favor of the bulls, as the path of least resistance is to the upside.
The Georgia Senate runoff is due up tomorrow, so there are questions on how the market will react if the Democrats pull off a sweep. Traders should expect lower volumes today, as big money awaits that event.
S&P Futures Trading Levels
The S&P futures currently sits at 3765, trading just below the overnight highs, which have marked the new all-time highs.
Support levels for the day will be 3762 and 3739.
Upside resistance is 3776 and 3814.
The current S&P trading environment is breaking out higher. The January effect could create a grind up situation that eventually becomes overbought. For now, the bulls aren’t stopping, but when they do, investors should be aware that the moving averages in the S&P are a long way down.
Three Stocks to Watch
TSLA- Tesla is trading up 3% after the company beat the streets estimates for 2020 vehicle deliveries. While there are questions on the stock’s valuation, the shareholders of hottest stock of 2020 seem to becontent buying at all-time highs.
GLD- Gold is on watch, breaking 2% higher overnight. Great start to the year as the futures contract has cleared the 50-day moving average. Gold ETF GLD is the easiest way for investors to enter the gold market, which is of interest due to government spending and the weak dollar.
GBTC/Bitcoin– Bitcoin is another play on the weak dollar and ripped to all time highs of $34,000 over the holiday weekend. This morning we saw a violent pullback in Bitcoin futures, as it fell back below the $30k level. While Bitcoin isn’t for everyone, it has become accepted among the investment community as a hedge against inflation and the dollar.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>