S&P 500 Futures Hit All-Time High

S&P 500 Futures

The S&P 500 futures in the September contract is currently trading at 3491 as prices are experiencing a 7-day winning streak hitting an all-time high this week trade continuing its bullish momentum as this by far is the strongest trend out of all sectors to the upside.

The Nasdaq-100 also hit another all-time high this week as money flows continue to enter this sector because there is nowhere else to park your money, and that situation is not going to change at least throughout 2020. If you are long a futures contract, continue to place the stop loss under the 10-day low at 3344 as an exit strategy. However, the chart structure will improve in 3 trading sessions. Therefore, the monetary risk will be lowered as I still think higher prices are ahead.

The S&P 500 is trading far above their 20 and 100-day moving average. The trend is strong to the upside continually grinding higher daily as the volatility has certainly decreased over the last couple of weeks. I think the commodity and stock markets continue to move higher. I see no reason to be short while trying to pick the top as that is extremely dangerous over time, as trading with the path of least resistance is the most successful way to trade, in my opinion.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: AVERAGE

Silver Futures

Silver futures in the September contract settled last Friday in New York at 26.73 while currently trading at 27.57 an ounce up over $0.80 continuing it's bullish momentum still experiencing crazy volatility daily.

I have been recommending a bullish position over the last couple of months all the way back from the 18.61 level. If you took that trade, continue to place the stop loss under the 10-Day low now standing at 26.09 as an exit strategy and the proper money management technique. Continue reading "S&P 500 Futures Hit All-Time High"

Silver Futures Experience Volatile Week

Silver Futures

Silver futures in the September contract experienced one of the craziest trading weeks of all time as the volatility is extraordinarily high as prices traded as high as 29.91 before selling off to 23.58 having over a $6 trading range for the week as this commodity is not for the light-hearted.

I have been recommending a bullish position over the last month or so from the 18.61 level, and if you took that trade, continue to place the stop loss under the 2 week low standing at 23.58 as an exit strategy. However, the chart structure will not improve for another 8 trading sessions, so you will have to accept the monetary risk at this time. If you are not involved in this market, I would avoid it like the plague as the risk/reward is not in your favor, as I still think higher prices are ahead. Still, there is a high probability that we could consolidate the recent run-up in price over the next couple of weeks.

At the same time, I also have a bullish platinum trade, which continues to move higher weekly as the U.S. dollar is at a 2 year low. That is a fundamental bullish factor coupled with the fact that the Coronavirus situation doesn't seem to end anytime soon, so stay long.

TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH

Platinum Futures

Platinum futures in the October contract settled last Friday at 970 an ounce while currently trading at 974 in a crazy volatile trading week as prices cracked the 1,000 level once again before profit-taking came about.

I have been recommending a bullish position over the last month or so from around the 868 level. If you took the trade, continue to place the stop loss on a closing basis only at 930 as an exit strategy. However, the chart structure will not improve for quite some time, so you will have to accept the monetary risk. Platinum prices are still Continue reading "Silver Futures Experience Volatile Week"

Will The Futures Market Join The Party?

Silver Futures

Silver futures in the September contract settled last Friday in New York at 24.21 while currently trading at 28.50 up over $4 for the trading week hitting a 7-year high as the entire precious metal sector has exploded to the upside. Gold prices hit all-time highs this week helping support silver as prices traded as high as 29.91 in today's session, and if you have been following my previous blogs, you understand that I thought the $30 level could be touched.

I have been recommending a bullish position over the last month from around the 18.61 level, and if you took that trade, continue to place the stop loss under the 2 week low standing at 22.46 as an exit strategy. However, I did have several clients take profits around the $29 level as it all depends on your trading account size and risk tolerance at this time as the volatility is crazy. I think we will start to consolidate over the next couple of weeks, but I still think we are in a bullish secular trend that will last for several years. All the stimulus packages are finally coming to fruition helping push up asset classes, and I do believe the rest of the commodity markets will start to join the party.

Silver prices are trading far above their 20 and 100-day moving average as the trend clearly as to the upside as prices are in extreme overbought conditions, and if you are not involved in this trade, I would sit on the sidelines as the risk/reward is not in your favor.

TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH

Platinum Futures

Platinum futures in the October contract ended the week on a sour note down $43 at 970 an ounce after settling last Friday in New York at 918 up over $50 for the trading week as prices hit a fresh contract low in today's trade. Continue reading "Will The Futures Market Join The Party?"

Futures Market Showing Signs Of Life

Natural Gas Futures

Natural gas futures in the September contract settled last Friday in New York at 1.86 while currently trading at 1.85 unchanged for the trading week and looking for a trend to develop to the upside, in my opinion. Currently, I am not involved as I am waiting for a bullish trend to develop. I think there's a high probability that a spike bottom was created on June 26th at 1.58. In general, the commodity markets are starting to show signs of life as the U.S. dollar continues its bearish trend.

Gas prices are now trading above its 20-day but still below its 100-day moving average. However, if you take a look at the daily chart, major support has developed between 1.60/1.65, so look to play this to the upside in the coming weeks ahead as I believe the risk/reward would be in your favor. The chart structure will also start to improve daily; therefore, the monetary risk will be reduced in next week's trade. Historically speaking, prices are incredibly depressed.

TREND: MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE

Silver Futures

Silver futures in the September contract settled last Friday in New York at 22.85 an ounce while currently trading at 23.94 up over $1.00 for the trading week as prices are right near a 7-year high. Continue reading "Futures Market Showing Signs Of Life"

Precious Metal Futures Continue To Shine

Gold Futures

Gold futures in the August contract settled last Friday in New York at 1,810 an ounce while currently trading 1,902 up about $92 for the trading week as prices are right near all-time highs trading higher for the 5th consecutive session.

If you have been following my previous blogs, you understand that I thought gold prices would break 2,000. I think that could possibly happen in next week's trade as prices still look cheap, in my opinion, and if you are long a futures contract continue to place the stop loss under the 10-day low standing at the 1,791 area as an exit strategy.

Gold prices are trading far above their 20 and 100-day moving average as this is the strongest trend out of all asset classes at the current time. Who knows how high prices can go as that is why the theory states to hold on to winners and exit losers quickly.

TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH

Silver Futures

Silver futures in the September contract settled last Friday in New York at 19.76 an ounce while currently trading at 23.03 up over $3 for the trading week with prices touching a 6 year high. I have been recommending a bullish position over the last month or so from around the 18.61 level, and if you took that trade, continue to place to stop loss under the 10-day low at 19.24 as the exit strategy. However, the chart structure will improve in next week's trade; therefore, the monetary risk will also be reduced. Continue reading "Precious Metal Futures Continue To Shine"