S&P 500 Futures Intraday Chart Analysis
The major stock market indexes have continued the stall out with some traders taking profits.
And Gold is up big again. Similar theme playing out today as the past few days.
Deeper pullbacks are buy zones today on S&P 500 futures and other broad stock indices, so don’t jump in too early on shallow fades. Patience.
The market crosscurrents are heavy. The US dollar has broken back down and is now on track for the region I mentioned near the 95.5 -95.7ish area to find the next group of buyers at the first pass- and that might affect the gold bounce in progress.
Analysis on the particular time frame you trade will be important for any asset class you choose.
THE BIG PICTURE – Daily momentum is positive to neutral and somewhat range bound- holding above 2946 (broken and recovered overnight) in the $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 and allows sellers to grasp a foothold.
INTRADAY RECAP – Buying ES above 2952.5 with stops a bit wider or selling below 2945 -again, with wider stops. Deep fades will find buyers once more. Traders are a bit nervous about the mad run in gold while the markets hold steady. It is making them nervous.
Sellers want to move us below 2946 intraday. Pullbacks into higher lows will be buy zones intraday and traders have a mildly bullish to neutral slant overall.
NEUTRAL SLANT – Manage your risk by waiting to the edges and playing the range with a slight bullish slant. The backdrop of global slowdown and trade chatter still prevails – the G20 meeting is in view in Osaka.
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.
