The Gravy Train Continues For Stocks

The Gravy Train Continues For Stocks
The Gravy Train Continues For Stocks

S&P 500 Futures—The S&P 500 in the June is currently trading higher by another 4 points at 2913 touching highs that we have not seen since last October as earnings season is upon us and that will certainly dictate short term price action in my opinion.

If you are long a futures contract I would continue to place the stop loss under the 2 week low which now stands at 2871 as the chart structure is excellent at the present time due to the low volatility that we are currently experiencing.

The next major level of resistance is the all-time high which was hit on September 21st at 2961 and I think that could possibly happen next week as you have to remember this week is shortened due to the Good Friday holiday as we will be closed on Friday. The S&P 500 is trading above 20 and 100 day moving average as clearly the trend is to the upside and is the strongest market currently as money flows continue to enter U.S equities.

If some type of trade agreement comes about with China and the United States that would be very bullish towards stock and commodity prices and I think that situation will occur, however it continues to get pushed back and now the talk is a final decision might not come to a conclusion until the month of June.

At the current time I am certainly not recommending any type of bearish position as I still think higher prices are ahead as picking a top is a fool’s game.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

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