S&P 500 Hits 4 Month High

S&P 500 Futures--- The S&P 500 in the September contract is trading higher for the 2nd consecutive trading session up 5 points at 2803 breaking the critical 2800 level hitting a 4 month high as this is the strongest market at the current time.

I'm recommending a bullish position from today's price level while placing the stop loss under the 10 day low standing at 2700 as the risk is around $5,100 per contract plus slippage & commission at this trade should only be taken with a large trading account as the risk is high.

The chart structure will start to improve in next week's trade therefore the risk will be lowered as the NASDAQ 100 and the Russell 2000 are at all-time highs once again today as I think the S&P will catch up as its all-time high was touched on January 29th at 2889 as there is more room to run to the upside in my opinion.

This is probably the only market that has not been affected by the Trump tariffs as the commodity markets have been absolutely decimated, however strong earnings and large corporate stock buybacks continue to support prices in the short-term as the fundamental and technical picture remains very strong in my opinion.

The S&P 500 is trading above its 20 and 100 day moving average telling you the trend is to the upside as we are in the midst of earnings season as volatility should start to increase as it still remains relatively low so play this to the upside and if the risk is too high wait for some type of price retracement before entering into a bullish position.

TREND:---HIGHER

CHART STRUCTURE: POOR---IMPROVING

VOLATILITY---LOW

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