Futures On U.S. Indices Remain Strong After Weak Housing Data
Despite home sales disappointing expectations, futures trading on U.S. equity indices remains strong. U.S. Existing Home Sales came in at 5.52 million for June, down 1.8% from last month. The number came in under analyst projections of 5.58 million.
E-mini Nasdaq 100
Led by the E-mini Nasdaq 100 futures, U.S. indices trade near last week’s highs. Currently, E-mini Nasdaq 100 futures are trading at 5933.50, up over 50 pips on heavy buying.
Futures: E-mini Nasdaq 100 Daily Chart
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Futures: E-mini Nasdaq 100 Daily ChartThe E-mini Nasdaq 100 is up big for July, showing little desire to pullback. The 38% retracement for the month’s trading range has not been threatened. This is a sign of robust strength. Last week’s extreme high of 5938.50 may act as a catalyst for further gains.
E-mini S&P 500
Moderate volume has kept E-mini S&P 500 futures in check ahead of critical economic data releases later in the week. As of now, the E-mini S&P’s are trading inside of Friday’s range. The technical outlook remains bullish with price above Friday’s low of 2462.75 and far north of July’s 38% retracement at 2449.25.
Futures: E-mini S&P 500 Daily Chart
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Futures: E-mini S&P 500 Daily ChartLast week’s high of 2476.25 for the E-mini S&Ps may act as a prime spot for resistance pending the FED’s interest rate announcement on Wednesday. At least for now, the E-mini S&Ps are in a holding pattern.
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