Strong Bullish Trend In The S&P 500

S&P 500 Futures---The S&P 500 in the September contract is trading higher for the 2nd consecutive session up another 4 points at 2815 hitting a 5 1/2 month high as I still think there's a lot of room to run to the upside as the next major level of resistance is all the way at the all-time high which was hit on January 29th at 2889 as I think that will be tested in the coming weeks ahead.

I've been recommending a bullish position from the 2803 level and if you took that trade continue to place the stop loss at the 10 day low standing at 2731 as the chart structure will improve tremendously later this week therefore the monetary risk will be lowered once again.

The S&P 500 is trading far above its 20 at 100 day moving average as the trend is strong to the upside and is getting stronger on a weekly basis in my opinion as strong earnings are coming about once again as you have to remember the fact that we went from a 35% tax rate down to 21% which is a huge bullish fundamental factor towards large U.S corporations as they are making more money than they ever have in history and that is going to continue for some time so stay long.

The NASDAQ 100 and Russell 2000 hit all-time highs once again in today's trade as the S&P 500 is starting to catch up as it has been the laggard out of those sectors as the U.S economy is booming at the current time coupled with extremely low unemployment and with a possible round 2 of more tax cuts which would just add more fuel to the fire to the upside.




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