As global markets weigh a number of factors, it is interesting to watch them unfold in the below pictured chart of the E-mini S&P 500. Since the peak of late January and following selloff, the market has made both lower highs and higher lows in what could signal an upcoming inflection point for the index.
In today’s trading, the market is nearing the psychologically important 2700 level, a breach of which would also break the trendline on the daily chart pictured below. Breaking below this level and the chop below, there is little in terms of technical price action as of 2018.
Also pictured below are the deadline for further tariffs on July 6 and the recent top of the market’s range around the 2800 level. Traders will most likely want to be aware of a number of factors in addition to tariffs, including energy prices, political uncertainty in Europe and the U.S. as well as the upcoming July 4th holiday and midyear mark.
While no one has a crystal ball, it is possible that the market breaks out of the trendlines pictured below within the coming days and weeks.
To discuss how to position your account in this market and others, please contact me at your convenience.
E-mini S&P 500 Daily Continuation Chart
