This week has certainly been a scary one for most bullish investors.
Markets rallied into the Federal Reserve meeting on Wednesday, only to fall back to their recent lows earlier today.
Just when it looked like things were looking up again for stocks, Mr. Market’s attitude turned sour.
But today, I want to take a step back so we can get a better view of what’s really going on, particularly for the S&P 500 (ES) futures market.
The Monthly View
During times like these, it’s important to remember that there are multiple ways to view the market.
And as my students know, it pays to look at the longer-term view of the market from time to time.
For now, the monthly time frame is still showing that the ES is in an uptrend…
As you can see in the monthly chart above, the ES is still holding above the top of its up channel.
Yes, things could get ugly quickly if this support level fails, but as long as it holds, we’re going to expect the market to rally.
If that turns out to be the case, then we will be looking for an eventual move to the monthly up Fibonacci level of 6,436.25.
That would represent a move of about 9,162 ticks above the current market price, which is nothing to sneeze at.
Big Gains from “Black Gold”
Every week, we cover the ES and the other major stock markets inside of my various futures trading services.
But if you’re more of a commodities trader, I want to tell you about what my colleague and expert oil trader Anthony Speciale is doing over at The Speciale Report…
Inside The Speciale Report, Anthony continues to provide great trading opportunities for the US crude oil market, which is generating massive gains so far this year.
Early in Wednesday’s session, Anthony notified his subscribers of a potential trade opportunity developing in the WTI crude oil market and will be looking for a new entry if the right conditions are met.
If you’re ready to see what you’re missing out on in the explosive energy market and want to get in on the next big trade, click here to learn more about The Speciale Report right now.
The Bottom Line
For more on the markets as well as trading education and trading ideas, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep on trading,
P.S. My colleague Anthony Speciale here at Traders Agency continues to work diligently on trading ideas behind the scenes in the petroleum market. And these ideas have the ability to set up a “pipeline” of profits…