02/03/2015 10:36am CST
Stock Index Futures are in a big trading range after December 30, 2014 after making all time highs for a five-year bull market. Monetary policy remains in question, with the ending of US bond buying program. This past week, the Fed continued with a go slow approach to tightening. Meanwhile, economic data were mixed, including a surprise on the downside for manufacturing. Fed policy is encouraging and still leaves other investment options as largely unattractive. Economic news has mostly been good. Stocks futures have risen largely in the last part of 2014, despite skittish news from overseas which should have weighed on stocks futures last 30 days. Overall, favorable economic news (including Fed news) outweighed worries about the Europe, Ukraine, China and Iraq.
This coming week's highlights are the consumer sector with the highlight being the employment situation report for January 2015, released on Friday. Payroll jobs for December came in stronger than expected; jobless claims have been low recently, so the question is whether job growth remains relatively strong. On the other hand, wage growth has been sluggish and traders will be looking for stronger growth.
Technical outlook for the March S&P futures remain in a long term bull market. The short-term trend is sideways to down, with most chart followers targeting 2060 and then 2090 as their target for resistance. The S&P could go down to 2000 and then 1965 as a downside target. The market must go under 2000 on a close for the short term trend to change.
If you'd like to learn more about futures trading or the equity indices market specifically, please contact Jeffrey Friedman at 800-826-4124 or email@example.com.
Mar '15 E-mini S&P 500 Daily Chart
Source: RJO Futures PRO