Time To Exit The S&P 500
Michael Seery of Seery Futures - InsideFutures.com - Tue Dec 03, 8:10AM CST

S&P 500 Futures---The S&P 500 in the December contract is trading lower for the 3rd consecutive session down 24 points at 3090 as I had been recommending a bullish position from the 3006 level getting stopped out today around the 3090 level as its time to move on and look at other markets that are beginning to trend.

President Trump announced today that a Chinese trade agreement might be put off until after the 2020 election and that is certainly is a negative for the equity market coupled with the fact that we had weaker-than-expected U.S data which was released yesterday as this market has now become mixed.

The S&P 500 is now trading under their 20 day moving average for the 1st time in months, but still far above its 100-day as I still have a bullish bias to the upside as I still believe that the U.S economy will continue to support prices, however when a market hits a 2 week low and you have a bullish position its time to exit.

Volatility at the present time has increased substantially over the last couple of days as we experienced low volatility over the last several months as you knew that situation wasn't going to remain for much longer.

TREND: MIXED

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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