The S&P 500 is still in rally mode.
But stock market bulls are acting brave here.
The S&P 500 spread expiring tomorrow holds at 20 points around the 2720 strike leaving us 2700-2740 as our ranges of priced motion stretch higher for yet another day.
Momentum is still quite bullish.
As with yesterday, traders need to watch for higher lows to develop before engaging in the market. Stops are also key.
This helps traders manage risk against a potential reversal… which is possible in a market that has been marching higher day after day.
Stock Market Futures Update – February 5, 2019
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.