S&P 500
The S&P 500 initially tried to rally on Wednesday, but found enough selling pressure above to turn the market around. Currently, it appears that the 2275 level above is going to offer a massive amount of resistance, but I do believe that eventually we get above their and continue to go much higher. I also recognize that the 2250 level just below is supported, so any type of supportive candle in that general vicinity should be a buying opportunity. Given enough time, I think the buyers will return repeatedly, as the US indices in general continue to offer quite a bit of bullish pressure. Even if we breakdown from here I recognize that there is a bit of a “floor” in the market at the 2000 handle, so I have no interest whatsoever in selling this market.
NASDAQ 100
The NASDAQ 100 initially rallied during the session on Wednesday, but found 5000 to be too resistive as well. We turned around to form a negative candle, and it now looks as if we are going to continue to find volatility in this market. I believe that the 4900 level below is going to be rather supportive, as the NASDAQ 100 continues to show bullish pressure just as the rest of the US indices do. I recognize that this week is going to be difficult to build up enough momentum to for some type of massive move, but I do at this point believe that there is more than enough longer-term pressure to eventually push the market above the vital 5000 level, and send the market much higher, to the next leg of the uptrend.
Ultimately, US indices in general a very healthy, and by analysis of the NASDAQ 100 is essentially the same as all of the others: buyers will continue to push to the upside.
