S&P 500 Breaks 4 Day Winning Streak

S&P 500 Breaks 4 Day Winning Streak
S&P 500 Breaks 4 Day Winning Streak

S&P 500 Futures—The S&P 500 in the June contract is breaking a 4 day winning streak down 12 points at 2886 as traders are awaiting earnings season which will kick off this Friday as that will certainly send volatility back into this market.

The 10-year note is currently yielding 2.50% as that is a bullish fundamental factor towards all equity prices as it looks like the Federal Reserve will not raise interest rates for the rest of 2019. If you are long a futures contract continue to place the stop loss under the 2 week low which stands at 2791 as an exit strategy, however the chart structure will improve on a daily basis therefor the monetary risk will be reduced quickly.

The S&P 500 is trading far above its 20 and 100 day moving average as the trend clearly is higher and I think once we come up with a trade agreement with China prices will break all time highs as the fundamental and technical picture for this sector remains bullish in my opinion.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: LOW

 

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