- The three major US equity averages hit all time highs on Wednesday into the US Independence Day holiday today, 4th July.
- This reinforces the short- and intermediate-term “risk on” phases being seen across global financial markets as highlighted in our article earlier this week.
- US Treasury Bonds continue to probe to multi-year highs (so multi-year low yields), echoing the very dovish market expectations for the Fed into H2 2019.
- This is helping support the US and global equity market rally, as well as a “risk on” theme for currency markets, with the Australians, New Zealand and Canadian Dollars all strong.
- Market volatility, significant price movements and solid trends are all positives for traders, open an account with a broker today, see our Forex Brokers Guide here.
S&P 500 E-Mini all-time high through 3000, stays bullish
A Wednesday surge to another new record high and through the psychological 3000.0 barrier, to again reinforce short- and it bull forces from the surge from Monday (with the small bull gap at 2955.5-.25), simply keeping the bias to the upside into the Independence Day holiday on Thursday.
The latter June surge above 2943.25 set an intermediate-term bull trend.
- We see an upside bias for 3006.0; break here aims for 3011.5 and maybe 3024/25.
- But below 2987.75 opens risk down to 2981.5 and 2973,75.
Intermediate-term Outlook – Upside Risks: We see an upside risk for 3033.75 and 3060.0.
- What Changes This? Below 2871.5 shifts the intermediate-term outlook back to neutral; through 2808.0 is needed for an intermediate-term bear theme.
Resistance and Support:
4 Hour S&P 500 E-Mini Future Chart