E-Mini S&P 500 Trading Below Overnight HighPosted 01/15/2019 10:34AM CT |
Watching the S&P E-Mini this morning we are currently trading 2583 which is well below the overnight 2600.25. We had a nice rally overnight on news that trade talks are moving closer with China and the hopes are a deal gets done sooner rather than later. Another positive overnight gain was in the Yen, which often signals a risk on environment. The current price of the S&P 500 is 2584, which is down due to a poor earnings statement from JP Morgan Chase and an overall negative market attitude. The government shutdown, weaker numbers, and generally a lot of pessimism that surrounds the market. Coming out later today is the Brexit vote, which could produce volatility especially in the currency market. Some of the positives today are the strength of the commodity and currency markets with Crude oil up $1 and the Canadian Dollar up 8 ticks. I believe that the S&P will respond well amid all the pessimism and there are gains to be made. Technically, there is good support near 2560 and buy the dip mentality is the preferred strategy as this market has more room to go on upside with an eventual test of 2650 look to be in the cards.
E-Mini S&P 500 Mar ’19 Daily Chart
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