Morning Flushes and Afternoon Strength
06/03/2015 7:00 am EST
The S&P 500 Futures market is still in an trending mode, however, it is spending the first week into the summer in a consolidating mode, so Christopher Terry, of iMarketsLive.com, points out the levels to watch for range trading around swing highs and lows.
Looking at the S&P 500 Futures June contract, traders can see that the market keeps making higher highs and higher lows. Unless this changes, the market is in an uptrend. Although it may seem very easy to think about calling the top or being aggressive on the short side, nothing says that the market wants to go down…as of yet. On Tuesday, the market had early morning flushes and afternoon strength and that is normal for an uptrending market.
Although we are in consolidation mode these first few days away from the prior holiday week, we are coming into the summer—which is just kicking off—so we are seeing a lot of consolidation. Expect more testing mode moving forward.
Moving over to look at the EUR/USD Spot market, traders can see that the euro exploded with overnight impulse to the upside, therefore, the first selling that comes into the markets will set-up a buying opportunity on the hourly charts and the upside levels to watch are in the 1.13 zone. Any pullback down on the EUR/USD Spot market could be a buying opportunity.
By Christopher Terry, Contributor, iMarketsLive.com