While credit markets opened strongly, S&P 500 has been failing in its challenge of 3390 so far, and the earlier long position was subsequently automatically closed at a profit.

The very short-term soft patch in stocks attracted the bulls to step in, and credit markets also stabilized, making it justified to reenter on the long side - please see below.

Trading position (short-term; futures; our opinion): long positions (100% position size) (entered at market, which is 3371 currently) with stop-loss at 3355 and initial upside target at 3400 are justified from the risk-reward perspective.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.