The S&P 500 is keeping its opening hours' gains, and appears currently consolidating amid supportive credit market performance.

The intraday momentum behind stocks pushing higher is there, but the S&P 500 is getting at very short-term frothy levels relative to the HYG:SHY ratio. And that makes it reasonable to think about locking in some more of the open gains.

Please see Trading position section for details.

Trading position (short-term; futures; our opinion): long positions (100% position size) with stop-loss at 3204 and initial upside target at 3230.

Thank you.

Monica Kingsley
Stock Trading StrategistSunshine Profits: Analysis. Care. Profits.