Has The Stock Market Topped Out ?

S&P 500 Futures----The S&P 500 in the September contract is trading higher by 8 points at 2985 reversing some of the losses that we witnessed last Friday as major technology companies are releasing their quarterly earnings this week and that will certainly send volatility back into this market as prices have gone nowhere over the last 2 weeks.

At the current time I'm not involved, however I still think the stock market continues its bullish momentum as the chart structure is outstanding due to the low volatility. If you are long a futures contract I would place the stop loss under the 2 week low standing at 2963 as an exit strategy as fundamentally speaking U.S equities remain very strong due to the fact of extremely low interest rates and a 51 year low in unemployment.

The S&P 500 is still trading above its 20 and 100 day moving average despite the recent setback as money flows continue to come into the sector as I expect excellent earnings to come about once again just like we witnessed with Microsoft last week so if you are long stay long in my opinion.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

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