What Will President Trump Say Today At Economic Club of New York Speech

News this morning points to the White House further delaying Europe auto tariffs
Trump speech at 11:00 an CST
Stock Market Update for Traders

Stock Market Update for Traders

E-mini S&P (December)

 

Yesterday’s close: Settled at 3087.50, down 3.00

Fundamentals: U.S benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CT but usual formalities may delay it just a bit. Most importantly, the market is expecting positive comments from the President on U.S-China trade. Additionally, news this morning points to the White House further delaying auto tariffs for another six months. The combination of upbeat jawboning and favorable headlines could bring a powerful tailwind into CPI data and the first day of Fed Chair Powell’s two-day Congressional testimony tomorrow.

Elsewhere on the economic calendar, ZEW Economic Sentiment data from Germany was a healthy surprise. The DAX is up about 0.5% after the read, although still negative, at -2.1 matched the best level in six months. At -1.0, the Eurozone read was the best since May 2018. Last week, Trade Balance data, PMIs and Factory Orders from Germany were all better than feared. From the U.S, NFIB Small Business Optimism nudged out a beat this morning and later today we have two 2020 Fed voters speaking. Philadelphia Fed President Harker speaks at noon CT and Minneapolis Fed President Kashkari speaks at 5:00 pm CT.

Technicals: As we noted here yesterday, resistance aligning with Friday’s settlement prices for each the S&P and NQ pose a headwind. While a firm move out above 3090.50 in the S&P should garner additional buying and set the tape on a path to 3115, the NQ’s resistance is a bit stronger. For the S&P, 3115 is a rising trend line from the May 1st high and our overall upside target.Please sign up for a Free Trial at Blue Line Futures to have our entire technical outlook, actionable bias and proprietary levels emailed to you each morning

 

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