S&P 500 Futures— The S&P 500 in the December contract is currently trading lower by 12 points at 3079 breaking a 3 day winning streak as prices are still hovering right near all-time highs despite this pullback blamed on profit-taking.
I have been recommending a bullish position from the 3006 level and if you took that trade continue to place the stop loss under the 10-day low standing at 3020 as an exit strategy, however the chart structure will improve on a daily basis therefor the monetary risk will be lowered later this week.
The S&P 500 is still trading above its 20 & 100 day moving average as this trend is very strong to the upside and if you have been following any of my previous blogs you understand that I thought we can hit the 3100 level as we came close on November 7th at 3097 as I still think there is significant room to run to the upside as the U.S economy is the envy of the world.
Earnings have been outstanding over the last couple weeks as many corporations including Apple and Disney are at all-time highs helping fuel prices even higher & if you take a look at the 10 year note the yield currently is 1.91% as money flows have been coming out of the bonds and into equities so stay long and continue to place the proper stop loss as the risk/reward is still in your favor in my opinion.
CHART STRUCTURE: IMPROVING
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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