Today the S&P E-Mini Futures contract hit the 2052 number provided in the nightly “common sense analysis video’s” over a week ago. In fact, we surpassed it slightly by 2 points which is completely normal.
The question is, “are there higher prices ahead?”
Short answer, yes. Longer answer, we may have to pull back first.
It’s almost like there was a magnet that drew the market into these higher prices. As I mentioned several times in the video’s, there are forces that pull the market is one direction or another, and the last several trading sessions was no different.
What was interesting today was the lack of participation in the rally from the normal momentum names of late such as Alibaba, Yahoo, Google, LinkedIn and others. Certain financials were week as was our favorite market indicator in the Russell 2000 which was up early but turned weaker as the day went on.
In tonight’s video we’ll discuss the likely scenario from this point forward.
Gold futures was strong, the gold mining stocks were pulled along, but the majority of the energy sector was weak on the heals of lower oil prices once again.
Enjoy the video: