S&P 500 Futures Trading Analysis – July 15
Earnings season begins with a slew of releases with the banks. This should be a catalyst for the S&P 500 Index (INDEXSP: .INX).
The trend is continued bullish so long action is best BUT only at intraday engagement of support action.
News from China shows mixed data but continued slowing does not seem to be affecting price action from the traders. Once again, inflows into the US markets continue as foreign markets continue to look shaky.
Gold sits above its range resistance at 1412 and continues to hold higher as the markets hold higher and bitcoin and cryptos fade sharply. The dollar has also faded back below support near 96.5. How it behaves here will be quite important.
THE BIG PICTURE – Daily momentum for the S&P 500 is positive but with the chart expanding as it is this morning under tame news could see a fade back to breakout regions below where buyers will likely step in.
INTRADAY RECAP – Neutral to positive as traders move in to test resistance above after bouncing off support below. Watching the levels near 3014 and 3006 in S&P 500 futures ES_F.
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.