S&P 500 Looks To Move Higher

S&P 500 Looks To Move Higher
S&P 500 Looks To Move Higher

S&P 500 Futures—The S&P 500 in the December contract is up 16 points at 3004 as prices are right near a 4 week high as I’m keeping a close eye on a bullish position once the chart structure improves in the coming days ahead.

If you take a look at the daily chart the 10-day low stands at 2881 as the risk is over $6,000 per mini contract plus slippage & commission which is just way too much in my opinion as the risk/reward is not in your favor, but that could change soon so keep a close eye on this market as I think all time highs will be touched soon.

Earnings season is upon us as they have been very solid once again as low interest rates in the United States continues to support equities while seasonably speaking we are entering the holiday season as I believe we will end 2019 on a very strong note as I see no reason to be short.

The S&P 500 is trading above their 20 and 100 day moving average as the trend remains to the upside, however we are at major resistance and if we can blow through the all-time high of 3032 which was hit on July 26th as then I think we could be off to the races so look to play this to the upside.

TREND: HIGHER

CHART STRUCTURE: POOR

VOLATILITY: AVERAGE

 

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