S&P 500
The S&P 500 broke higher during the course of the day on Friday, breaking the top of the wild candle from Thursday. Because of this, the market looks as if it is ready to go higher and therefore I am bullish of the S&P 500 at the moment. However, there are a lot of areas just above that could cause quite a bit of trouble, and as a result it’s likely that the market is going to struggle but still remain bullish. I believe that we had to the 2100 level next, but it’s been a take a while to get there. If you are going to have to be on the guilt volatility if you decide to start buying at this point in time.
NASDAQ 100
The NASDAQ 100 broke higher as well, but did not clear the 4360 handle. Because of this, I believe that we need to break the top of the range for the session on Friday to start going long, and when we do we should start reaching towards the 4500 level after that. Any type of pullback at this point in time is going to be value as far as I can see, and therefore I would be a buyer on supportive candles after pullbacks.
I have no interest whatsoever in selling this market, and I do believe that indices in general are going higher, and that the NASDAQ 100 will follow the S&P 500 and of course the Dow Jones 30 as well. With that thought process, I believe that stocks in general do fairly well, but keep in mind that the NASDAQ 100 tends to be influenced by foreign markets as well, and therefore we have to keep in mind that European stock indices will have a decent amount of influence on this market as well. Ultimately though, I do believe that all things are leading the higher levels.
