S&P 500 pressing higher

E-mini S&P (CME:ESU14)

Bulls need a close above 1978.75 to continue upward momentum.

This equity market is pressing higher as earnings continues to beat expectations and manufacturing data from China and Germany beat expectations. The overall feeling this morning is very upbeat as we head into Weekly Jobless Claims and New homes Sales domestically. Also, investors anticipate another big day of earnings that include Caterpillar, GM, 3M, Ford, Visa and Amazon.com as well as others.

The S&P closed above major resistance yesterday, encouraging fresh buying in the wake of such upbeat data around the globe. This level which comes in at 1976-1978.25 will now come in as major support giving investors a solid opportunity to buy the first test to this level. Our next resistance at 1983.75 has come in well though it is being taken out this morning, a close above here will continue to leave the bulls in clear control.

 

Resistance- 1983.75**, 1998.25****-2000

Support –1976-1978.25**, 1971.75*, 1965.50*, 1959.75*, 1952.50-1954***

 

Ed Note: Every day traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.

 

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