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S&P 500 future is pointing to positive open in New York and there could further rally in the index as risk aversion is subsiding globally along with volatility.
Two of the major risk measure - S&P 500 and Yen, both are trading well above the level, which can be marked as neutral, trading under which would mean risk aversion continuation.
- Fundamentally speaking, as FED officials have indicated that US economy is doing quite well and today's GDP data provided evidence of it. US economy grew by 2.1% in second quarter, according to second flash estimate.
With risk appetite improving US stocks are poised to gain back their lost shine.
Trade idea
- Buy S&P 500 future with stop around 1880 and target around 2060. S&P 500 future is currently trading around 1960. Dips buying is recommended to improve average.
- Expect resistance around 2000 and 2040 area.
