S&P 500 Hits Another All Time High

19 Jul in Blog, commodity consulting, commodity trading, dow jones futures, futures trading, NASDAQ 100 futures, S&P 500, seeryfutures

S&P 500 Futures--- The S&P 500 in the September contract has now traded higher 6 out of the last 7 trading sessions up another 7 points at 2465 hitting another all-time high as the NASDAQ 100 is also sharply higher also hitting a fresh all-time high as I've stated about in many previous blogs do not be short this market as this trend is the strongest out of the commodity sector at the present time.

The S&P 500 is trading above its 20 and 100 day moving average telling you that this trend is strong to the upside as we are in uncharted territory as who knows how high prices can go despite the fact that IBM came out with terrible earnings as that stock is down about $7 keeping a lid on today's gains, but there is no stopping the stock market at this time.

Earnings have been relatively solid as the tech sector remains on fire and speculation about Janet Yellen's replacement is also fueling this market higher as rumors of the Trumps administrations new chairman would be extremely pro-business and if you are long this market place the stop loss under the 10 day low which stands at 2405 as the chart structure is poor due to the fact that we are off to the races to the upside so stay long in my opinion as higher prices are ahead.TREND: HIGHER–CHART STRUCTURE: POOR

 

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