Stocks Struggle For Direction
U.S. stocks started the week fluctuating around the flatline with
no economic reports to move the markets. Watch for
tomorrow’s Housing Starts report to get things moving.
Crude oil futures for July delivery are trading
higher by 1.3% to $68.91 per barrel after reports of a Nigerian
strike threat. Gold futures for August delivery are also up 0.5% to $661.80 an ounce.
Around Asia, the Shanghai Composite Index rose nearly 3% to
4,253.35, Hong Kong’s Hang Seng Index added 2.7% to 21,582.89, and
Tokyo’s Nikkei added 1% to 18,149.52.
Today’s
PowerRatings Heat Map is showing widespread price action that has led to lower
prices in the short term. The most weakness can be seen in
the Drug and Electronics sectors.
Click here to view all 33 Heat Map sectors.
Our
Daily Market Bias page has been updated with new indicators to
determine if there is a strong bias for the market to move higher
(or lower) the following day. These tables can help you to
pinpoint market conditions that have historically led to
significant up or down moves over the next 1 to 5 days.
Click here for more information on our Daily Market Bias
indicators.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com