Do Not Be Short The S&P 500

Do Not Be Short The S&P 500
Do Not Be Short The S&P 500

S&P 500 Futures–The S&P 500 is up 1 point this Thursday afternoon in Chicago currently trading at 2932 as earnings season is in full swing as Microsoft is up about $5 today hitting an all time high helping push the Nasdaq 100 also to new all time highs.

The Dow Jones is lower by about 125 points today and that’s all due to the company 3M which is down about $25 today or over 10% on earnings and that is why you’re seeing the price difference between the NASDAQ and the Dow Jones.

If you are long a futures contract continue to place the stop loss under the 2 week low which stands at 2889 as the chart structure will not improve for another 6 trading sessions therefore the monetary risk will remain the same.

There are earnings after the bell pretty much on a daily basis as there will be a lot of fresh fundamental news to dictate short term price action, but I still see no reason to be short as this market as the trend is very strong to the upside.

Volatility still remains exceptionally low as the fear index known as the Vix is still trading at about 14 and that tells you that investors still think higher prices are ahead.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

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