The S&P 500 futures trading early this morning is near the 7,541.00 mark, which is above yesterday’s cash finish in the index around 7,537.00 that featured light trading, this as many large players remained away from the market while taking advantage of a long holiday weekend.
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The S&P 500 is slightly higher via its early futures trading this morning compared to yesterday’s close in the index’s cash market which finished near 7,537.00. Monday’s gains around 0.72% were accomplished with light trading conditions. The return of large traders into the S&P 500 will trickle into the marketplace today and tomorrow as they come back from their long 4th of July holiday weekend celebrations.
Upside has been seen in the S&P 500 since touching a low around 7,438.00 last Thursday. But even that lower value was above the previous week’s results which tested the 7,313.00 vicinity on the 26th of June. Current value in the futures market for the S&P 500 is near 7,541.00. The price of WTI Crude Oil for those who are keeping an eye on the commodity as a barometer is slightly above 69.00 USD.
Waiting on Volume and Verification
Traders in the S&P 500 continue to show not only resilience, but a determination to continue buying into the index. Yes, the famed Wall Street investment asset has been choppy, but the S&P 500 still is managing to make positive steps. The apex high of the S&P 500 remains a distance away when it hit the 7,634.00 level on the 2nd of June, but it is not out of reach.
The lack of heavy trading volumes due to the 4th of July holiday will start to fade as large financial institutions become active again. Although the S&P 500 has certainly made some gains the past handful of trading sessions, it has not delivered massive velocity upwards. It appears large players are waiting on some type of positive impetus to verify stronger buying. Perhaps the lower price of WTI Crude Oil can help spur some of this wanted feel-good sentiment.
Cautious Attitudes as Markets Trade
Speculators awaiting a strong upwards trend need to be patient, but also they might want to try and simply ride the cautious momentum now being displayed.
When full volumes return to the S&P 500 this is likely to create some speed in the market place again, which may wash away some of the fragile attitudes being displayed for the moment.
However, the downside price action which has been seen the past handful of weeks on occasion has happened because some large players and financial houses remain nervous about their outlooks.
Meaning, day traders looking for upside need to be prepared for the potential of markets that can selloff too.
S&P 500 Short-Term Outlook:
Current Resistance: 7,545.00
Current Support: 7,533.00
High Target: 7,570.00
Low Target: 7,518.00
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