S&P 500
The S&P 500 initially fell during the course of the session on Wednesday, as the market looks ready to try to fight upwards. After all, we turned back around to form a bit of a hammer at the 1980 handle, and with that, the market should then reach to the 2000 level. The market looks very bullish and will probably reach there today, but I would have to believe that we will sit on the sidelines at the end of the session and then wait to see whether or not the jobs number warrants a move further. Ultimately, even if we do pullback from here it’s more than likely that we will find quite a bit of support at the 1950 level.
NASDAQ 100
The NASDAQ 100 went back and forth during the course of the day on Wednesday, but just as the S&P 500 did, it found enough support to turn the market back around. If we can break above the 4360 level, the market should then reach to higher levels, probably reaching towards the 4500 level.
This is a very bullish outcome, but at this point there is more than enough support below that even if we fall from here, I believe that there are more than enough buyers below that we would end up forming a supportive candle, which of course can be bought later. Ultimately, there’s a very likely chance that the market will find enough buyers to eventually not only reach the 4500 level, but higher than that. Keep in mind that tomorrow we get the jobs number coming out of the United States, and that of course will have a massive effect on stock markets in general.
Given enough time, it’s very likely that the buyers will win out, but that’s not to say that there will be a lot of volatility to worry about. After all, we have gone straight up recently, so it’s likely that the volatility will continue but if you are patient enough, it’s very likely you will be rewarded for being bullish.