S&P 500 Futures—The S&P 500 in the June contract settled last Friday at 2912 while currently trading at 2901 down slightly for the trading week still hovering right near an all time high. The NASDAQ 100 hit an all time this week as the tech sector continues to be the leader out of the U.S equity markets as I still think higher prices are ahead.
If you are long a futures contract place the stop loss under the 2 week low as an exit strategy which now stands at 2878 as the chart structure is outstanding at the current time due to the very low volatility that we are still witnessing.
The S&P 500 is trading above its 20 and 100 day moving average as the trend is higher as earnings season so far has been mixed as we should receive more quarterly reports next week. If you have followed any of my previous blogs you understand that I’ve been bullish the stock market for quite some time and I still think the all time high that was hit in September of last year will be broken possibly in next week’s trade.
The 10 year note is currently yielding 2.60% as historically speaking is still very positive towards equity prices so stay long as I see no reason to be short.
CHART STRUCTURE: EXCELLENT
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