S&P 500 Futures—The S&P 500 in the June contract is trading lower by 4 points at 2892 breaking a 3 day winning streak in a relatively quiet trading session this Monday afternoon in Chicago. Earnings season will start next week as that certainly could send volatility back into this market as we continually early grind higher on a weekly basis as I still believe the S&P 500 will hit all time highs soon.
If you have been reading any of my previous blogs over the last several months you understand that I have been bullish the S&P 500 as prices are trading above their 20 & 100 day moving average as this is the strongest trend to the upside out of all commodity sectors.
If you are long a futures contract I would continue to place the stop loss under the 2 week low standing at 2791, however the chart structure will start to improve later this week therefor the monetary risk will also be lowered.
Crude oil prices are up another $1 hitting a 5 month high as that is also telling me that worldwide economies are strengthening not weakening as I still believe prices want to move higher.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY : LOW
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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