S&P 500 Futures—The S&P 500 in the December contract is reversing yesterday slight losses currently up 6 points at 3093 looking to break the all-time high which was hit on October 7th at 3097 possibly in today’s trading session.
The gravy train continues as this commodity is the strongest trend out of all commodity sectors as we head into the holiday season which generally is very positive as extremely low U.S interest rates continues to support prices coupled with the fact that excellent earnings are pushing many corporations to all-time highs.
I have been recommending a bullish position from around the 3006 level and if you took that trade continue to place the stop loss under the 10-day low which stands at 3020, however in Thursday’s trade that will be raised to 3033 as the chart structure will improve on a daily basis therefor the monetary risk will be reduced significantly.
The S&P 500 is trading far above its 20 and 100 day moving average as this trend is strong to the upside as I thought we could hit the 3100 level, but now I’ve become a little more optimistic as I think we could trade as high as the 3200 level come Christmas time so stay long as there is still room to run in my opinion.
CHART STRUCTURE: IMPROVING
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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