Apple Pushing The S&P 500 Higher

Apple Pushing The S&P 500 Higher
Apple Pushing The S&P 500 Higher

S&P 500 Futures—The S&P 500 in the September contract is currently trading higher by 5 points at 3017 reacting positively off of Apple’s earnings sending that stock sharply higher helping support all equity prices.

If you have been following any of my previous blogs you understand that I have a bullish bias towards the U.S equity market as I still believe prices are headed higher, however I’m not involved, but if you are long a futures contract place the stop loss under the 2 week low at 2972 as an exit strategy as I see no reason to be short.

Traders are awaiting this afternoon’s Federal Reserve announcement on interest rates as that will certainly send volatility into this market is expectations are that they will cut by 25 basis points however if they decide to cut by 50 basis points this market would explode to the upside. The S&P 500 is trading above its 20 and 100 day moving average as the trend is higher as the volatility has kind of come to a crawl over the last couple of weeks as we continue to hover around the all time high which was hit on July 26th at 3029 as that could be broken if that decision is bullish.

Fundamentally and technically speaking this market has everything going for it as I don’t believe the Federal Reserve has ever lowered interest rates when the stock market is right near an all-time high and unemployment is at a 51 year low as they clearly want stock prices to go higher.





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