S&P 500 Futures—The S&P 500 in the September contract is trading higher for the 4th consecutive session reacting very positively to the unemployment number which was released today stating that the United States added 4.8 million jobs sending prices up 41 points currently trading at 3,144 or 1.33% higher.
If you’ve been following my previous blogs you understand that I am not involved, but I do have a bullish bias as I do think the equity markets will continue to move higher as I see no reason to be short as the Nasdaq-100 which has hit another all-time high in today’s trade.
The S&P 500 is trading above its 20 and 100 day moving average as the trend has turned to the upside as the U.S economy will not shut down again and the market is reacting to that fundamental news as the worst most likely is over with as I do believe the 3,400 level will be tested which was the all-time high hit on February 20th in the coming months ahead.
If you are long a futures contract stay long as another bullish fundamental factor is that the Federal Reserve might add another stimulus package as they have certainly helped propel this market to the upside as the old saying goes you don’t fight the FED as this market looks to move even higher.
CHART STRUCTURE: SOLID
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