The bulls are on the run again, as almost every asset class is looking to trade higher today. The S&P has broken above the 3300 level and futures indicate a green opening once again. The all-time high print of 3393 is within site and achievable before the end of the quarter.
Gold has accelerated above the $2000 level, hitting $2060 this morning in futures trading. $2115 is the 261.8% Fibonacci level and shouldn’t be hard to hit. With gold, silver and other metals are also trending higher. Additionally, Bitcoin futures are hitting levels not seen since August of last year.
ADP Employment change came in at +167k vs the 1.2M expected. The headline number caused little reaction in equity markets. A full economic recovery continues to be hampered by the virus, which is has helped treasuries rise above to April levels.
S&P Futures Trading Levels
The S&P futures currently sit at 3316, which is only 1.8% from all-time highs.
Support levels for the day will be 3310 and 3290.
Upside resistance is 3320 and 3349.
The current S&P trading environment is trending upwards and grinding higher.
Three Stocks to Watch
SQ- Monster revenues numbers out of Square, with a 5 cent EPS beat helping the stock up 10% pre-market. The company reported earnings last night, seeing $1.92B in revenues v the $1.14B expected. The premarket action has the stock at all-time highs.
W- Wayfair reported earnings this morning, seeing Q2 at $3.13 v the $0.86 expected. Orders delivered were up 106% year over year as the company has benefited from the lockdowns. The stock is off 3% as the big quarter was expected.
BYND– Beyond Meat is off 7% premarket after the company reported earnings last night. The company reported a penny miss, while revenue came in at $113.3M v the $99.3M expected. Beyond Meat has seen an increase in retail demand, which has more than offset the decline in food service customers.
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