The S&P continues to march upward, approaching new highs, on the back of a strong US economy. We are trading the December contract upward with stops near the support level of 2870.
Category: Stocks
S&P Looking to Move Higher – Will External Events Allow it?
With support established around 2552 and resistance at 2680 being repeatedly tested, the market appears to be setting-up for a move higher. The question is will this market desire to move higher out-weigh the influence of world political events.
S&P Near Term Outlook Turns Negative
It was an ugly week in US equity markets with the S&P shedding 5.95%. The magnitude of this move has turned my model’s short term outlook for the S&P negative. As a result I went short the S&P June 2018 contract this week. As pictured above, now that support at 2630 has been breached, the next level to watch is 2532.
S&P Continues Recovery
Since selling-off in February to a low which was more than 11% below
the all-time high reached in January, the S&P has rallied to within 5%
of the high of 2872. I believe the upward momentum will continue as the market remains biased towards upward moves.
Oil Stocks – Time To Get Back In
Oil Stocks – Time to Get Back In?
For the past six months the price of Brent Crude has quietly marched upward from $44 to over $60 which represents more than a 35% gain.
Despite these gains in the underlying commodity, oil-based stocks have been slower to recover from their recent collapse, however some oil stocks have begun to show signs of strength.
One such stock is Enbridge (ENB-T) on the Toronto Stock Exchange (TSX) which has been showing signs of strength since November.
If ENB-T can maintain its current trend line and break above resistance @ $52 I will be a buyer.