New highs in the Stock Market as S&P500 emini future trading starts fourth consecutive week with positive gains.
New York – Markets rallying to new highs almost daily, no matter what the news. Day traders on the S&P500 emini future have been enjoying these small pull backs to buy or stack on new orders.
The S&P500 has been almost straight up for weeks now as we have broken through resistance at 1596 area, Buyers moved in with increasing volume this last two weeks to move away from this new floor.
Our next resistance comes in at 1653 then 1665 . If we have a dramatic increase in volume then I would watch for a turn on the daily chart, if it is on weak volume that look for a set up of a consolidated range for the next few weeks.
As I am sure everyone is aware of the Fed softening the QE positions sometime in the future, this could effect our bond markets keeping this direction in the S&P500.
We shall see. Trade with a stop and always manage your risk first!