Edges of resistance are being tested across the major stock market indices this morning, with the biggest move occurring on the Dow Industrials due to the Boeing earnings release.
Jay Powell and the statement from the FOMC is on the docket.
The S&P 500 spread expiring today is 27 points around the 2635 strike. This leaves us with a 2608-2662 range of motion.
As expected – see last night’s video on youtube – we are stretching a bit higher as buyers are clearly willing to press prices higher. How high is unknown, so don’t try to find the top.
The trading motion is upside and seeking out higher levels of resistance – see video for key levels on the stock indices and crude oil and gold.
A failure to hold this thrust higher would flash a warning signal. Hasn’t happened yet but that’s something to be aware of. Our metastock swing system says to look for the FAILED highs as our entries short.
Stock Market Futures Update – January 30, 2019
Twitter: @AnneMarieTrades
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.
