S&P 500 Futures—The monthly unemployment report stated that we added 128,000 jobs last month coupled with the fact of sharply higher revisions over the last couple of months pushed the S&P higher by another 12 points at 3048 still hovering near all time highs.
The S&P 500 settled last week at 3020 up about 28 points for the week as I have been recommending a bullish position from around the 3006 level and if you took that trade continue to place the stop loss under the 2 week low standing at 2982 as an exit strategy as the chart structure will improve in next week’s trade lowering the monetary risk.
Prices are trading above their 20 & 100 day moving average as this trend is strong to the upside and looks to test the 3100 level in the coming weeks ahead as we enter the strong holiday season.
The unemployment rate stands at 3.6% as the U.S economy is the envy of the world and looks to continue as I see no reason to be short this market as that would be counter trend trading which is very dangerous over the course of time so stay long.
CHART STRUCTURE: IMPROVING
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