S&P 500 Futures Intraday Trading Chart – June 24
Stock market futures have stalled out since the big jump on news from the FOMC.
Pullbacks are buy zones today in the broad stock market indices but there is a feeling that we could break in either direction – up or down.
The US dollar is stalling at support – a critical zone here- a deep fade here into the 95.7ish area will find buyers at the first pass- and that might affect the gold bounce in progress. Gold is up big. Analysis on the particular time frame you trade will be important for any asset class you choose.
THE BIG PICTURE – Daily momentum is positive. Holding above 2946 on S&P 500 futures $ES_F keeps us in breakout territory and keeps buyers brave. Below this level, we’ll need to be a bit more cautious about bullish exposure.
INTRADAY RECAP – As with Friday, we are rangebound – dollar fades, gold rises – and pullbacks stay as buying zones. The USD is at 96 as expected but we have a ‘squeashy’ level there that could be .50 wide, so be careful trying to pick the bottom. Sellers want to move us below 2946 intraday. Pullbacks into higher lows will be buy zones intraday and traders have a bullish slant overall.
BULLISH SLANT – Manage your risk by waiting to the edges and playing the range with a bullish slant. The backdrop of global slowdown and trade chatter still prevails.
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.