S&P 500 Futures—The S&P 500 in the December contract is trading lower by 18 points at 2919 as prices have remained extremely choppy over the last several months as its headline-driven at the current time.
The United States and China will be negotiating a trade agreement this week as that certainly will dictate short-term price action as fundamental speaking manufacturing has slowed considerably as that has put pressure on this market over the last several weeks.
Currently I am not involved as I’m advising clients to avoid this commodity as it is too volatile and can change on a dime so look at other markets with less volatility and a better risk-reward situation.
The S&P 500 is now trading below its 20 & 100 day moving average as the trend has turned to the downside and if you are bearish my recommendation would be to place the stop loss at the all-time high which was hit on July 26th at 3032 as an exit strategy as you’re going to have to give this trade some room due to the high volatility. The month of October historically speaking can experience many crashes to the downside and this year has been no different as we started the 1st day of October sharply lower.
CHART STRUCTURE: POOR
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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