S&P 500 Futures—The S&P 500 in the June contract is trading lower for the 2nd consecutive session down another 4 points at 2918 rallying off of session lows on concerns about an economic slowdown.
If you have been following my previous blogs over the last several months you understand that I remain bullish the stock market and if your long a S&P 500 contract continue to place the stop loss under the 2 week low which stands at 2889, however in tomorrow’s trade that will be raised to 2899 as the chart structure is outstanding at the present time.
Investors are awaiting tomorrow’s highly anticipated monthly unemployment number which should be robust once again as the U.S economy is firing on all cylinders as I still see no reason to be short, however if the 2 week low is breached it will be time to become neutral.
In my opinion I believe the last couple of trading sessions was caused by proper taking as this market has gone straight up in 2019 & once Google came out with disappointing earnings it was a reason to sell in the short term, however I remain bullish as I’m advising clients to continue to place the proper stop loss so let’s see what tomorrow’s trade brings.
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