Wall St. set to re-open little changed

Summary:

  • US stock markets to open near Friday’s closing level

  • NASDAQ near key support; Price near D1 cloud

  • Citi cuts Apple outlook

 

Both the NYSE and NASDAQ will open for the first time this week at the bottom of the hour, with both exchanges closed yesterday for the Memorial Day bank holiday. Futures markets traded during a reduced session but it was pretty much a wash in terms of any volatility with no real sustained moves seen. The European session so far has been fairly benign on the whole with the German Dax recovering after having an early look lower while the FTSE MIB in Italy has slumped to its lowest level since early May.

 

All in all though, the direction for global equities remains not too clear at the moment with the recent weakness seen in the past few weeks failing to breach key supports. For the NASDAQ (US100 on xStation) last week’s low of 7270 could be seen as a key support region to keep an eye on, with the area also coinciding with the lows seen back in mid-to-late March. It’s also worth noting that the market is attempting to make a break below the daily Ichimoku cloud for the first time since October of last year, in what could be seen as a potential indication of a change in the long-term trend. While it would still take either a sizable drop or 26 sessions to pass for the lagging line to confirm this break, the shape of the cloud going forward is favourable for shorts with a clear horizontal bottom projected for the coming weeks around the 7410-7420 region.

 

The NASDAQ is threatening to break below the cloud on the daily timeframe with recent lows around 7270 seen as potentially key support. Source: xStation

Apple shares are called to open little changed this afternoon with Citi downgrading there price target for the firm to $205. Source: CNBC

Apple ended last week back at the 50% retracement of the rally seen since the December low around 178.50. Source: xStation     

 

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