S&P 500 Trading Outlook (2-3 Days): BULLISH
The S&P 500’s (SPX) ability to rally and close back above 2633 yesterday energized today’s follow through gains. The latest move higher is constructive and should stabilize the broader market for a potential santa rally.
As it stands, the market is poised to test (and likely exceed) all-time highs in the days ahead. Only a move back below 2622 on S&P 500 futures would swing this market back to the bears side.
The recovery of the Semicondutors (SOX) has helped the broader market recovery.
S&P 500 Futures Chart
Market Commentary
Unemployment came in at 4.1% as expected. Avg hourly earnings at 0.2% vs 0.3%.
The NASDAQ has lagged a bit, but the charts have shaped up in the last 24-48 hours.
Treasury Yields are fractionally higher with the 10 Year Treasury Yield near 2.38 Â Gold is trading lower at 1248 while Crude trading higher.
It’s important to note that most of the world has begun to stabilize and turn back higher: see European, Asian, and Chinese markets. A continued recovery and stabilization in Technology will be key to keeping the rally alive.
Twitter: Â @MarkNewtonCMT
Author has positions 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.
