S&P 500
The S&P 500 fell during the session on Thursday, testing the 2500 level. Ultimately, this is a market that seems to find buyers in that area, and even though the Federal Reserve looks likely to clean and balance sheet up, and tighten monetary policy in various ways, the S&P 500 seems impervious to this potential trouble, as the uptrend continues. I believe that buying dips continues to be the way going forward, and eventually I think that the market should then go to the 2525 handle. I believe that there’s no reason to short this market, as there is a strong uptrend that continues to be a major influence in this market place. I believe that eventually we will reach to much higher levels.
NASDAQ 100
The NASDAQ 100 fell as well, but did find buyers near the 5900 level as I had anticipated. The level has been important in the past, and I believe that it’s only a matter of time before we go higher. The 6000 level above would be the target, and if we can break above that level, the market should continue to go much higher as it would be a significant break out. However, I believe that the NASDAQ 100 continues to be a bit of a laggard when it comes to the US stock markets as the S&P 500 certainly has lead the way when it comes to these 2 indices, but even beyond that the Dow Jones 30 continues to be even stronger as it seems as if we are getting a bit of sector rotation into industrials. Ultimately, I think the NASDAQ 100 probably will go higher, but the returns will be slower coming than in the S&P 500 or even the Dow Jones 30.
