S&P 500
The S&P 500 has been positive during the trading session on Friday as we continue to see a lot of noise in the markets. The headline, of course, is going to be that the SpaceX IPO kicked off, but there's also a certain amount of optimism due to Donald Trump calling back the potential strikes and giving a bit of a moratorium to the Iranians.
The Iranians, in turn, have stated that we are closer to a deal than ever. So, who knows, maybe this is the beginning of something bigger, but as things stand right now, the one area I'm watching more than anything else is going to be the 7500 level.
The 7500 level is a significant resistance barrier, and this is a market that, if we can break above there, the 7600 level is a potential target. If we do pull back, and that's possible with the headline risk out there over the weekend, this is one of those situations where it would not take much to spook the market, and that's something that you have to be very cognizant of.
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Headline Risk and Technical Support Floors
The 7300 level, for me at least, is a floor right along with the 50-day EMA. I like the idea of playing the bounce if we do, in fact, pull back, but ultimately, I think you have a situation where traders are eventually going to break to the upside and perhaps make an all-time high yet again.
I have no interest whatsoever in shorting this market, and with that being the case, I am looking for value or an obvious breakout above the 7500 level. Above there, things get interesting.
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