S&P 500
The S&P 500 rallied a bit during the trading session on Thursday, as we continue to see money flow into this market. I believe that the 2680 level above is resistance, as I have marked on the chart, forming a rectangle. If we can break above there, especially after the jobs number, then I would become very bullish of this market. At this point, I would anticipate that the market will go looking towards the 2800 level over the longer term. In the meantime, if we pull back from here, there should be plenty of support near the 2575 handle. In general, I believe that the market should continue to be very noisy, as we are at a very important inflection area. By the time we finished today’s trading, we should have a bit of clarity as to where we go next.
NASDAQ 100
The NASDAQ 100 rallied a bit during the trading session on Thursday but rolled over a bit of show a shooting star. The shooting star show signs of exhaustion, but I don’t think we have much in the way of a decision made until the jobs number comes out. I think that if we can break above the top of the range for the day on Thursday, we should then go to the 6700 level, and then perhaps the 6800 level. Ultimately, this is a market that I think is trying to find a bit of a bottom, and the other thing that could jump into this market and push things higher is if the situation between the United States and China cooling down, which it does seem to be doing, at least peripherally.
