Bulls can’t resist this move: Market Pulse
S&P Futures have broken to new highs in overnight trading as bulls step back in for continued control of this move… Not a shocker at this point. Day-traders will be watching initial support at 2550 with secondary support down between 2535 and 2525. With the markets continuing to rip anything counter to the overarching trend should be viewed as a “high-risk” trade setup… at least until we see signs of a transitionary trend beginning to unfold.
Gold Futures are continuing to push higher on this break over 1300. Price has broken back above the 50 day moving average in light of Friday’s move and price is just continuing to climb. There is overhead resistance that I am eyeing for possible short interest between 1314 and 1320.
PETX is gunning for a break over 7.00 over which I see a possible move coming into the 7.5 area before next resistance. Looking for a volume supportive break over that 7 level after the open to confirm the move unfolding here.