Stocks closed out a solid week of gains on Friday, with the S&P 500 up nearly 3 percent on the week.
Bulls are looking for more gains but we may see a retest of support this week.
The S&P 500 (SPX) at the money spread (Friday expiration) at the 2820 strike is pricing in 31 points – giving traders a range of 2791-2851.
2814 is resistance turned support so I suspect that we pullback and retest that region at some point.
There are still bullish undercurrents and holding that price level will be key.
As for news, Boeing is still a thorn in the Dow Industrials performance. Investors are awaiting further Brexit news. And OPEC is threatening more curbs. Be on the lookout and trade safe.
Stock Market Futures Update – March 18, 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.