S&P 500 Futures—The S&P 500 in the December contract is currently trading at 3003 down 5 points as we await the highly-anticipated Federal Reserve comments on interest rates later this afternoon as that will definitely have a major impact on the entire equity market.
Currently I am not involved, but I will be looking at a bullish position possibly in today’s trade, but I will wait for the report to be released as I’m not willing to stick my neck out. In my opinion I do believe prices have held up extremely well especially after Saudi Arabia’s largest oil facility was bombed by Iran coupled with the fact of high tensions in Hong Kong, but this market is extremely resilient and looks to move to all-time highs in my opinion as I certainly will not take a short position.
The S&P 500 is trading above its 20 and 100 moving average as the trend remains strong to the upside as historically low interest rates are helping support equity prices as borrowing costs are at rock bottom levels.
The chart structure will improve in tomorrow’s trade so keep a close eye on this market for a possible bullish position as the risk/reward will be in your favor, but we will just have to see what this report states first.
CHART STRUCTURE: IMPROVING
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