S&P 500
The S&P 500 has rallied significantly during the day on Friday, breaking above to a fresh, new high yet again. It looks as if we are going to reach towards 2900 rather soon, and although this is a very bullish market, it is a bit overextended, so I think we will get a sudden burst, and that a pullback. Longer-term, I still have a target of 3000, and currently it looks as if 2825 is offering a bit of a floor. US markets continue to look very bullish, and I think will continue to do quite well in comparison to other indices around the world. I have no interest in shorting, and I think there is an absolute “floor” in the market at the 2800 level now. 3000 is all but assured sometime this year, but surprisingly - it might be in the next few weeks!
NASDAQ 100
The NASDAQ 100 rallied a bit during the trading session on Friday, breaking out to a fresh, new high, and more importantly - breaking above the 7000 handle. This is a market that continues to extend to the upside and I think that at this point in time if short-term pullbacks are probably necessary to pick up value. Volume was a little bit light during the day on Friday, but ultimately, I think that this market does reach to much higher levels and it starts to look like a market that can lead the rest the United States higher. A “buy on the dips” mentality should be apparent at this point, and I have no interest in shorting. I believe there is a massive “floor” in the uptrend at the 6600 level below, so pullbacks could be very sudden. However, they should all be looked at as value.
