We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
S&P 500 Futures
The S&P 500 is trading at 2789 after settling last Friday in Chicago at 2777 up another 12 points hovering near a 12-week high as the bullish momentum is continuing to get stronger. I do not have any recommendations in the equity markets, but I do believe higher prices are ahead as you have to remember the Federal Reserve now looks like they will not raise interest rates and that's another fundamental bullish factor towards stock prices. The next major level of resistance is around 2820 / 2825 and if that is broken, I would think prices will hit all-time highs once again as I remain bullish the equity market as I see no reason to be short. The S&P 500 is trading above its 20 and 100-day moving average as clearly the trend is to the upside as the U.S. economy is doing exceptionally well as I shake my head and wonder what the heck happened in December when stock and oil prices plummeted only the rebound sharply in 2019. If you take a look at the S&P 500 as a whole it's only trading at about 16 times earnings which historically speaking is not that expensive as this is not a bubble in my opinion while still having room to run to the upside.
CHART STRUCTURE: SOLID
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