S&P 500
The S&P 500 fell on Thursday, but bounced off the 2020 handle. However, on Friday we had the Good Friday holiday so of course there was no trading. This is a market that looks like it is ready to continue going higher so we can break above the top the hammer for the Thursday session, I feel comfortable going ahead and buying the S&P 500 as you should then go to the 2060 handle, if not the 2100 handle eventually. Given enough time, I think that we will probably even break above there, especially considering that the Federal Reserve has walked away from a couple of their interest-rate hikes during the course of the year. At this point in time, I believe that the 2000 level below is the “floor” in this marketplace.
NASDAQ 100
The NASDAQ 100 initially fell during the course of the day on Thursday, as the 4370 level offered enough support. That was an area that cause enough of a bounce in order to form a hammer. If you break above the top of the hammer from the Thursday session, it’s very likely that the market is going to reach towards the 4450 handle.
The 4500 level above is the target, and I believe we will eventually get above there as well. However, there is quite a bit of noise going all the way to the 4750 handle. A break down below the bottom of the hammer would be rather negative, but I feel that there is more than enough support below to keep this market going higher, and with that being the case it’s very likely that this market continues to go higher again and again, and the dips should be buying opportunities in a market that looks like it wants to go higher over the longer term but there is quite a bit of volatility so more than likely you will have to buy again.
