S&P 500 Futures
The S&P 500 futures in the September contract is currently trading at 3491 as prices are experiencing a 7-day winning streak hitting an all-time high this week trade continuing its bullish momentum as this by far is the strongest trend out of all sectors to the upside.
The Nasdaq-100 also hit another all-time high this week as money flows continue to enter this sector because there is nowhere else to park your money, and that situation is not going to change at least throughout 2020. If you are long a futures contract, continue to place the stop loss under the 10-day low at 3344 as an exit strategy. However, the chart structure will improve in 3 trading sessions. Therefore, the monetary risk will be lowered as I still think higher prices are ahead.
The S&P 500 is trading far above their 20 and 100-day moving average. The trend is strong to the upside continually grinding higher daily as the volatility has certainly decreased over the last couple of weeks. I think the commodity and stock markets continue to move higher. I see no reason to be short while trying to pick the top as that is extremely dangerous over time, as trading with the path of least resistance is the most successful way to trade, in my opinion.
TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: AVERAGE
Silver Futures
Silver futures in the September contract settled last Friday in New York at 26.73 while currently trading at 27.57 an ounce up over $0.80 continuing it's bullish momentum still experiencing crazy volatility daily.
I have been recommending a bullish position over the last couple of months all the way back from the 18.61 level. If you took that trade, continue to place the stop loss under the 10-Day low now standing at 26.09 as an exit strategy and the proper money management technique. Continue reading "S&P 500 Futures Hit All-Time High"