ES Futures Start the Week on the Positive
Rowan Crosby • 1 min read
US equity markets appear to be bouncing back from Friday’s big sell-off with the S&P 500 (ES) Futures pushing higher to start the week.
The ES Futures are currently around the unchanged mark, but the positive is the fact that we have rallied off a weak open to be back into unchanged.
Asian markets are also following suit to some degree with equities holding up of the lows, with most futures pushing higher also.
The week ahead will be big for US equity markets as I mentioned yesterday, as we have the FOMC interest rate decision. A 25 basis point increase is widely expected to occur, however, all the focus now turns to what the outlook might be.
A dovish Fed will likely be a boost for equities and we could finally get that Santa rally into the end of the year.
The 2600 mark is the one to be watching today in the SPX.
I would be looking to buy dips into that 2600 on any sign of buying, should price break to the downside early on.
As mentioned yesterday, we do have some support below at 2550 and 2500, but if there is buying and we are holding above 2600 on a flush lower I would look to get long.
This would only be a very short-term trade.