The following report is the Opinion of Optimus Futures, LLC

On the surface, it seems this Market is “Bullet-Proof” and no single event can change its course.  Regardless of the price of Oil Futures, escalating tensions between countries worldwide, and economic data that is not always encouraging, the market continues its upward trend. Yes, we have heard this song before, “This time it is different,” but the reality is that it is not.  All we need is a wind of change on the FANG (Facebook, Amazon, Netflix, and Google) and all of a sudden the other factors will become highly relevant and pertinent.

However, from a technical perspective, you cannot short a market based on a hunch, and quite often those who say “the market is wrong” end up fighting the trend. In our opinion, this market is too strong to trade against it. As always, use active risk management with each position you initiate, especially if you are a day trader.

E-Mini S&P 500

The ES is showing mild support at 2428 to 2418. Strong resistance is at 2447-2455

10 Year Treasury

The treasuries are trading right along the equities, and despite the traditional belief that they trade opposite to each other, there are circumstances where this correlation does not hold. The benchmark 10-year note yield reached 2.121 percent, its lowest point since June 14.  At the moment the nominal GDP growth goes hand in hand with the yield on the 10-year-old notes.

Biased is short, but look for a break of 126.00 first for confirmation.

Crude Oil

Last month, OPEC and Non-OPEC countries mutually agreed to cut production by 1.8 million barrels per day until the first quarter of 2018.  However, fundamentally, the price has not recovered due to USA’s opposing efforts of domestically increasing production. Consider also that Nigeria and Libya have also increased their production along with the constant increase in U.S. shale oil output. Stay biased to the short side and look for rallies to short with the objective of 40 in mind. There is strong resistance at the 44 Level and, if broken, we can see as high 47 due to reversal and stop triggering.

(The placement of contingent orders by you or broker, or trading advisor, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.)

Gold Futures

Nothing significant has happened to Gold besides the fact that speculators closed nearly 50,000 long contracts last week. This was one of the largest sell-offs in the gold market.  Yet, this had little impact on the price which points to the strength of this market. Bias long, with a target of 1,300.

Euro Currency

So far the Euro has weakened due to the rising interest rates, sideways gold market, and the strong equities market. However, a new set of data could reverse this trend in the short run. The Durable Goods Report that came out yesterday, which serves as a proxy for the long-term financial health of the US consumer, was not very encouraging with a negative 1.1%. Consumer confidence would be a major factor as well. The strong USA trend has been prevailing for a while, and although we never encourage to trade against it, we also hold the position that we could see a V-shaped reversal.

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

The post Chart Analysis and News for the Futures Market: June 27th, 2017 appeared first on Futures Day Trading Strategies.