Welcome to new market highs in the SP 500 with the holiday season approaching everything is turning jolly for Ol' Saint Nick! Investors are buying everything from the SP 500 to global stocks with their eyes closed hoping everything goes up...After all, bitcoin only goes up so why not the SP 500 Futures. This begs the question "Are there still bears out there betting against the SP 500 Futures?" The answer is Yes! Yes! Yes! Eventually, they have to throw in the towel creating a short squeeze but I still see these bears on financial media calling for a stock market meltdown! Ho Ho Ho these market Grinches continue to lose money!
Let's look at the charts to see how the SP 500 Futures have been trading recently:
Using the Dynamic Trend Indicator which is available on most major platforms for every time frame from the Daily, Weekly, Monthly all confirm long signals.The red line at 2542 which is support is the line that the bears need to take out for there to be downside action in the SP 500 Futures. For the bulls, they will need to see a bullish breakout above 2594 and above 2600. Which yesterday the SP 500 Futures broke 2600 for the first time. I like to keep an eye on volume as the market needs elevated volume to confirm a bullish breakout. I also keep an eye on the NYSE TICK or the $TICK symbol. Positive +800 TICKS indicate aggressive buying pressure in the SP 500 Futures and -800 below confirms indicate aggressive selling in the SP 500 Futures. Next time we will go into market internals for day trading and focus using the $TICK $TRIN $ADD Line for our analysis.
Happy Turkey Day