Fibonacci Buy For The September E-mini S&P 500

July has been a good month for U.S. equities, featuring bull runs in both the DJIA and the S&P 500. A simple look at the September E-mini S&P 500 futures daily chart illustrates this point. If we see some weakness in the S&Ps as the trading week develops, then a long from the 38% Fibonacci retracement of the current daily wave may come into play.

As long as the Swing High (2818.25) remains the recent top on the daily chart, I will have buys queued up from 2771.00. With an initial stop at 2764.75, this trade yields 25 ticks using a standard 1:1 risk vs reward scenario.