S&P 500 Futures—The S&P 500 in the June contract is sharply lower on concerns about North Korea currently trading at 2897 down 50 points near a 2 week low as this is sheer panic in my opinion as it still remains in a very strong trend to the upside as the payroll number that was released last Friday showed that we added 263,000 jobs which were considered excellent.
The U.S economy by far is the strongest in the world as we have a 3.6% unemployment rate coupled with the fact we had a 3.2% GDP growth rate in the 1st quarter as the Trump tax cuts certainly have helped large corporations as it looks to continue in my opinion.
One interesting fact is that the company headed by Warren Buffett which is called Berkshire Hathaway has been buying Amazon stock, however it was not Buffett himself, but a money manager in the firm as that certainly has put some confidence into the tech sector as Amazon’s stock was up over $60 last Friday.
If you are long a futures contract continue to place the stop loss under the 2 week low standing at 2901 on a closing basis only as an exit strategy as I still remain very bullish as I think we will crack 3000 soon as there is absolutely no reason to be short the U.S equity market.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW
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