S&P 500 Futures—The S&P 500 is trading higher for the 3rd consecutive session up another 16 points at 3106 as prices are now trading above their 20 and 100 day moving average telling you that the trend may have turned to the upside.
At the current time I’m sitting on the sidelines waiting for a breakout to occur which could happen any day, but if you are bullish and you are long a futures contract I would place the stop loss under the June 15th low at 2923 as an exit strategy as volatility continues to remain high.
In my opinion I have a bullish bias towards the equity markets as the Nasdaq-100 is right near all time highs once again as I think come year end we will be at all time highs as there’s know where to put your money except for stocks due to the fact that interest rates are at zero. Equities have rallied on news of positive trial results for a vaccine developed by Pfizer and BioNTech an effective and widely available vaccine could eventually return the U.S. and global economies back to normal which would be bullish for stock prices.
Another bullish fundamental factor towards the equity markets is the possibility of another round of massive stimulus packages being brought on by the Federal Reserve once again as they will do anything in their power to get the United States economy through the Coronavirus situation.
CHART STRUCTURE: SOLID
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