The S&P 500 fell slightly during the session on Thursday, but found support just below the 2550 handle. The markets have been a bit sideways, and quite frankly I wouldn’t mind seeing the pullbacks of that I can pick up value. However, it doesn’t look like were ready to do so yet, and we may find that the market going sideways, only to build up enough pressure to go much higher. Pullbacks offer opportunities to pick up value, and I think that’s exactly what they will be used for. That being the case, I have no interest whatsoever in selling this market, and I believe that the 2500 level underneath continues to be the “floor” in the market, and that we continue to go much higher. Ultimately, this is a market that should continue to be positive longer-term, and therefore I have no interest in selling.
The NASDAQ 100 went higher during the day initially on Thursday, but turned around to form a slightly exhaustive candle. I think the 6050 level offer support, and the 6000 level underneath should continue to be massive support, as it was previously massive resistance. The breakout above that level is a very bullish sign, and I think it should continue to drive this market to the upside as it shows the resiliency in a market that has been freed to go higher. I think pullbacks offer value the people are looking for, and that monies coming back into the technology sector. Given enough time, I expect this market to go to the 6100 level, and then perhaps the 6200 level after that. I have no interest in selling this market, it continues to be a longer-term buy-and-hold situation, as it has been for several months.