The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 2 pts to 6462
  • SP500 up 3.82 pts to 2826.06
  • NASDAQ up 8.73 pts to 7637.01
  • Dow Jones up 95.22 pts to 25,585.69
  • FTSE100 up 46.69 pts to 7277.73
  • DAX30 up 58.63 pts to 12,011.04
  • GOLD futures US Session (August) down $1.80 to $1289.20 an ounce
  • COPPER futures US Session (Comex July) up $0.0180 to $2.6980 a pound
  • OIL futures US Session (Nymex July) up $0.72 to $58.63 a barrel
  • CRB Index up 1.71 points to 178.63
  • AUDUSD trading at 0.6927
  • EURUSD trading at 1.1203
  • GBPUSD trading at 1.2714
  • USDJPY trading at 109.3100

In the US major indexes rebounded from the previous sessions selloff as trade war concerns were muted ahead of a long weekend for the US. Trump said that complaints against Chinas Huawei Technologies may be resolved within the ‘framework of a trade deal’. Tensions between the two combatants remained high and traders still see investments being susceptible to ‘news headlines’ risk. The DOW closed up 0.37% while the broader SP500 was up 0.14% and the Nasdaq closed up 0.45%. In Europe, markets were unfazed by British Prime Minister Theresa May’s resignation as they ended the week on a positive note to close with some solid gains.

The USD Index weakened Friday although traders added to net long positions for the week according to Reuters data. The Euro gained on the back of the USD weakness to continue the move that started the prior session. Buyers will have a few resistance levels to contend with firstly around 1.1223 then up to 1.1260. The GBP found some volatility after Mays resignation but managed to gain into the close of the US session. The AUD managed to rally into the US close with a move that looks like a short squeeze as sellers covered positions. Price hovering at potential resistance around 0.6935. The USDJPY continued to come under fire on USD weakness as price trades down to support around the 109.10/20 zone.

Gold traded in a tight zone and failed to gain ground on a safe haven bid. Price looks set to hold a higher low at 1280.50 which will bring in some buying pressure. Oil was pushed down into the 57.50 level in European trade but then reacted higher to confirm minor support and finish with some gains Friday. Copper had another positive session although price may start to come under renewed selling pressure at current levels. If price can hold above 2.6900, then we may see further buying for a move up through 2.7100. Trade concern is still holding price down so its hard to see a strong move up on the cards in the near term.

Cryptocurrencies spike higher over the weekend with bitcoin punching back above the 8000 level currently trading at $8574.9 up 6.53%. Ethereum is trading at $265.59 up 5.59% and Ripple is at $0.40316 up 4.63%.

The ASX200 opened weaker in Fridays session and then traded in a narrow range until the close. The Index ended down 35.8 points to 6456 with the Energy and Consumer Staples sectors receiving the brunt of the selling pressure. Falling stocks outnumbered advancing ones by 690 to 484 and 388 ended unchanged. Action may be contained today as the US is closed for Memorial Day Holiday tonight.

The ASX200 is expected to open flat as the SPI200 held above key support Friday night.


JPY BOJ Gov Kuroda SPeaks 1pm

GBP Bank Holiday

USD Bank Holiday