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S&P Set to Open Above 3000

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Futures are pointing to a big spike off the open, with the S&P trading over the 3000 level, or about 2%. If the gains hold, we would open above the 200-day moving average, a psychological win for the bulls. This would mark the first time since early March that the S&P has traded above this important technical level.

The bulls should have enough power to squeeze those traders that bet against the recent rally, but there will likely be extra supply to churn through first. Expect a fight at this S&P 3000 level.

S&P Futures Trading Levels

The S&P futures currently sit at 3007. Support levels for the day will be 3001 and 2976

The upside should see some resistance at 3018, but 3060 is possible over the next few days.

The current environment trending higher.

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NVAX- The company has initiated it Phase 1/2 Clinical trial of its COVID-19 Vaccine. Results will be expected in early July, which has the stock gapping 20% higher premarket.

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MRK – Merck and IAVI will collaborate to develop a vaccine for COVID-19. The stock was up 4.5% in pre-market trade.

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