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Friday's Market Minute: Breakout For The Bulls

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Friday's Market Minute: Breakout For The Bulls

Equity index futures seem to have finally ended a month of range-bound trading yesterday with an upside breakout.

S&P Futures closed solidly above both the persistent resistance zone near 2,940 as well as the 50-day SMA. For the /ES, technically-minded traders likely will be watching for a push above the 3,000 level as a sign of a continued upswing, judging by the one-year Volume Profile study and simply that it seems to be a psychologically important price level for many participants. The 2,940 level is once again a noteworthy area to watch, but this time as a bolster to the downside according to the adage of old resistance becoming new support.

Conversely, WTI Crude Oil futures are still locked between 50 and 58, despite what seemed like a promising continuation of Wednesday’s upward surge. Despite being up over 3% on the day at one point, the /CL contract once again was unable to manage a close above the 50-day SMA after the EIA report showed a 4.8M barrel draw – though it did eke above the 200-day SMA. With /CL down about 1.5% this morning, it looks like oil traders could be in for continued chop.

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.

Image Sourced from Pixabay

Posted-In: S&P TD AmeritradeEarnings News Futures Markets General Best of Benzinga

 

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