I am not the biggest fan to short US indices, but this index is not showing the best of signs to push passed the peak record it made last week. Price immediately reversed with large volume of sellers once it made the new record showing that there is still exhaustion to be explored in this market.
“Investors are gearing up for another busy earnings week capped off with a widely watched jobs report. Given the positive economic and earnings news, the path of least resistance appears higher,” Jack Ablin
April: S&P500 was the best performer for the month with US30 the weakest of the 3 US indices
U.S. stock futures moved higher in overnight trading on Sunday as investors readied for the first trading day of May.
Dow futures rose 95 points. S&P 500 futures gained 0.34 and Nasdaq 100 futures rose 0.28%.
Monday marks the first trading day of May. Despite Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic.
Market is not as convincing as to it moving higher to 14350 before NFP, market might see a path down to 13350 before bulls take control of the market again.
We have earnings this week again. So eyes will be on those reports to either notch the index higher inside the consolidation range or for it to break lower outside the range.
“Investors are gearing up for another busy earnings week capped off with a widely watched jobs report. Given the positive economic and earnings news, the path of least resistance appears higher,” Jack Ablin
April: S&P500 was the best performer for the month with US30 the weakest of the 3 US indices
U.S. stock futures moved higher in overnight trading on Sunday as investors readied for the first trading day of May.
Dow futures rose 95 points. S&P 500 futures gained 0.34 and Nasdaq 100 futures rose 0.28%.
Monday marks the first trading day of May. Despite Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic.
Market is not as convincing as to it moving higher to 14350 before NFP, market might see a path down to 13350 before bulls take control of the market again.
We have earnings this week again. So eyes will be on those reports to either notch the index higher inside the consolidation range or for it to break lower outside the range.
Trade active
Trade closed: target reached:
Close shorts look to buy and hold for the whole month