S&P 500 Futures Trading Chart – June 28
The last trading day of June is quiet as traders try to weigh options heading into the weekend. The G20 is still in view and OPEC meetings are ahead. Price resistance on S&P 500 futures remains 2937 to 2947 and we are testing and building volume around this 2937.Â
Gold is bouncing off 1406 into resistance of 1417. The US dollar is creating a bottoming formation for now near 96-95.6. News is swirling that a 50 basis point move is on the horizon for July, so if that is true and traders try to get in front of that move, the dollar should fall into 95.4 or lower… watching the developments around 96
THE BIG PICTURE – Daily momentum is neutral, range bound and near critical support/resistance. For today, I see all bounces stopping at lower highs with tests moving to key levels near 2926-2917.
If traders recapture 2942, we’ll likely have a shift in the balance of buyers to sellers with buyers gaining more traction.Â
INTRADAY RECAP – Selling ES near the 2942.5 with a tighter stop- or buying near 2926 – with wider stops might give us motion that could yield some gains. It is messy to be sure.
Whipsaw is likely between these two levels. Holding 2917 is still a critical zone- else we give back all the gains from the Fed announcement. Pullbacks into deeper supports will find buyers waiting intraday and traders have a neutral to negative slant overall.
NEUTRAL SLANT – Manage your risk by waiting to the edges and playing the range with a slight bullish slant intraday. The backdrop of global slowdown and trade chatter still prevails. The voices talking about the reach for yield into the equity markets is getting louder- opening bigger chances for a breakout.
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.
