I Remain Bullish The S&P 500
Michael Seery of Seery Futures - InsideFutures.com - Fri Mar 15, 12:12PM CDT

S&P 500 Futures---The S&P 500 settled last Friday in Chicago at 2752 while currently trading at 2817 up about 65 points for the trading week hitting a 4 month high as this market is getting stronger on a weekly basis.

The S&P 500 is now trading above its 20 and 100 day moving average as the trend clearly is to the upside as prices are right at major resistance and if we can break the November 7th high of 2833 I think then we will test the all time high which was hit on October 3rd at 2960 as I see no reason to be bearish this market.

The 10 year note is currently yielding 2.60% which is incredibly low historically speaking and that is also helping push stock prices higher so if you are long a futures contract stay long as there is more room to run in my opinion. Corporate earnings continue to be very solid as the United States economy is outstanding at the present time as money flows continue to come into U.S equities as the rest of the world is in envy.

If an agreement comes out to be a positive situation that could ignite equity prices substantially higher as it certainly looks like that panic sell off in the month of December was a terrific buying opportunity.

TREND: ---HIGHER

CHART STRUCTURE: SOLID

VOLATILITY---INCREASING

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