Quick Update on the U.S. equity markets
US Equity futures are hanging around even, while most of Europe down about 0.50% as UBS is weighing on the financials. That said, Europe still stands to finish week up above 1%.
US Dollar (CURRENCY:USD) strength continued this morning and treasury yields are also pressing higher. Of late, this combination of a stronger Dollar and Yields has weighed on Precious Metals – Gold may drop for the 4th straight day, this following its longest run since last October.
Looking at the stock market: The short-term trading range to concentrate on for the S&P 500 (INDEXSP:.INX) is 2289.75 on downside and 2297 on upside.  The indexes ability to get above highs or below lows will likely result in follow. I have an upside bias and expectation that the S&P 500 moves back over 2300 into next week. I shared this sentiment earlier in the week here on See It Market.
Here’s a closer look…
S&P 500 Futures Hourly Chart
Focusing on 2297 on upside and 2289 as support. Â As mentioned, movement above or below either would cause continuation.
For now, the price pattern remains quite constructive. Still expecting movement back over 2300 into early next week.
S&P 500 Futures Daily Chart
Peaks at this point remain premature, in my opinion. This setup should allow for a final push up into next week before any top forms.
Thanks for reading.
Twitter: Â @MarkNewtonCMT
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.
