S&P 500 Awaits Earnings After The Bell

S&P 500 Awaits Earnings After The Bell
S&P 500 Awaits Earnings After The Bell

S&P 500 Futures—The S&P 500 in the June contract is trading higher for the 4th consecutive session up another point at 2939 still looking to break the all time high of 2961 possibly in today’s trade.

After the closing bell Microsoft and several other corporations will release quarterly earnings as that will certainly send volatility into this market tomorrow as I still believe that corporate earnings will have a surprise to the upside.

The S&P 500 is trading far above its 20 & 100 day moving average as the trend is to the upside and if you are long a futures contract continue to place the stop loss under the 10 day low standing at 2889 as the volatility remains low. The NASDAQ 100 has hit another all time high in today’s trade as the tech sector is the leader out of the U.S equity market and looks to move even higher in my opinion as interest rates remain low as that is beneficial for U.S companies and the economy as a whole.

In my opinion I think the S&P come year end could be trading around 3150 as there is still significant room to the upside as fundamentally and technically speaking this market remains strong.

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

 

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