My weekly update is delayed as I just back from Greece. It is definitely a great place to visit though I am not too fancy of the food there! 🙂
S&P 500 futures continued the strong uptrend and ended at 2932 after hitting new high at 2947 last week. Same suggestion as per last week, which is to hold on the bullish position and continue to ride it up to the first fibo extension at around 3000. Trader can adjust the stop loss accordingly based on personal risk appetite.
Crude oil futures surged above both 10 and 50 weekly SMA. This formed an intermediate uptrend. Option income traders who followed the previous suggestion should monitor the bearish leg (76 bear side) closely and react if needed. Having said that, the crude oil futures need some catalysts to break the recent high at 75.27. Option income traders can consider to close the bullish leg with profit and roll the position to the following month to capture more premium.
As Gold futures continued to close below the 10 weekly SMA, the short term outlook is still bearish. Options income traders continue to take advantage of this few weeks directionless market. Traders with no position can consider the suggestion posted 2 weeks ago.