Indexes find continued strength: Market Pulse
S&P Futures are back at it pushing new all-time highs into this morning’s open with no signs of slowing. Daily support is getting further and further out of sight, so I am looking at lower time frame support that will be considered on a pullback. There is initial ssupport down in the 2744 territory and secondary support in the 2732 area.
Gold Futures are getting hit with selling pressure and look prime for a continued pull back should this movement continue below 1307. I am looking for a downside break of that level, below which I see bearish prospects as viable down into the 1270 territory.
Crude Oil Futures have posted new 52 week highs in overnight trading but bulls have not held that move as there has been a slight rejection off of overnight highs into this morning’s open. I still like this price action, but believe that some sort of broader corrective move is important. Watching initia supprt in the 60 area with secondary support in the 58 territory.
Stocks on Watch
AMPE started to bounce in the last couple day of trading and is looking like it still wants to go. Price is up 2% at 3.02 here in the pre-market and there appears to be run room back up into the 3.50 area based on the dialy outlook. Will be looking for bulls to hold steady here into the open with supportive volume as confirmation of the move.