S&P Forges a High for the Move

June 8, 2018 7:29AM CDT

The Wednesday overnight global equity markets were mostly higher with the Shanghai markets and the FTSE 100 being the exceptions.  While the markets forged fresh higher highs overnight they were initially unable to hold all of those gains perhaps because of disappointment with German and European data and ongoing fears of rising rates.

As indicated already, the E-mini S&P did forge a higher high for the move overnight and the highest price since March 14, but it has initially fallen back from that high and was trading both sides of unchanged earlier today in a pattern that suggests the bull camp needs fresh headlines to continue the recent uptrend pattern. The markets may be benefitting from the CNBC interview with Warren Buffet and Jamie Dimon as they are optimistic about economic environment in their discussions regarding the need for long-term thinking on Wall Street.  Uptrend channel support in the e-mini S&P is seen at 2754 with a closer pivot at 2765.

E-mini S&P 500 Jun '18 Daily Chart

E-mini S&P 500 Jun '18 Daily Chart

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