S&P 500 Futures—The S&P 500 in the December contract is trading higher for the 2nd consecutive session up another 4 points at 3010 as this market looks to move higher in my opinion.
Fundamentally speaking technology stocks rebounded from early losses yesterday and led to a higher close in the Nasdaq 100 Index on strength in Apple which rose +1.3% to a new all-time high after Morgan Stanley raised its price target to $289 from $247 per share. If you are long a futures contract I would place the stop loss at the 10 day low standing at 2941 as an exit strategy , however the chart structure will start to improve on a daily basis therefor the monetary risk will be lowered.
The S&P 500 is trading above its 20 & 100 day moving average telling you the trend is to the upside as I do believe prices will break the all time high which stands at 3032 in the coming days ahead as I see no reason to be short. Earnings season is upon us as generally speaking they have beaten estimates as the U.S economy is firing on all cylinders and is the envy of the world so continue to play this to the upside.
CHART STRUCTURE: POOR
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