Will The S&P 500 Break 3000 ?
Michael Seery of Seery Futures - InsideFutures.com - Thu Aug 09, 11:18AM CDT

S&P 500 Futures--- The S&P 500 in the September contract is trading at 2859 up 4 points for the trading session continuing its bullish momentum and now has traded higher 5 out of the last 6 sessions as prices are right near a fresh 6 month high. Volatility in the S&P is very low at the present time as the Vix index which is known also as the fear index is below 11 which historically speaking is incredibly low as investors don't think at this point a selloff is at hand.

I have been recommending a bullish position from the 2803 level and if you took the trade continue to place the stop loss under the 10 day low standing at 2791, however the chart structure will improve in next week's trade therefore the monetary risk will be lowered.

As I have talked about in many previous blogs I still think prices will break the January 29th all time high of 2889 possibly in next week's trade as earnings season has been excellent except for a few corporations as the money flows continue to go into this sector so look for higher prices ahead.

When you trade the commodity markets you should trade with the trend as the trend clearly is to the upside as we are far above the 20 and 100 day moving average as picking the top is very dangerous as I am certainly not recommending any type of bearish position as I still think come year end and we could be at 3100/3200 as the fundamental picture in the S&P 500 remains excellent.

TREND:---HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY---LOW

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