S&P 500
The S&P 500 has gapped higher to kick off the trading week, as we have seen so much in the way of risk appetite coming back into the market that we gapped something like 60 points right off the bat.
That being said, this is all about the idea of a potential extension of a ceasefire in the Middle East and perhaps a reopening of the Strait of Hormuz; it just has more risk appetite coming into the markets in general. Short-term pullbacks open up the possibility of buying opportunities in this market, perhaps down at the 7,500 level, maybe even as low as 7,450, but you just can't short the S&P 500.
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Market Outlook and Key Support Levels
I didn't think that before this announcement was released over the weekend, but I think there are probably a lot of questions still left to be asked here. And if that's going to be the case, I expect a pullback that you can buy. I would be looking for value; I would not be chasing this market. If we break above the 7,630 level, then we could go much higher.
Right at this point in time, the 7,300 level is an area that I would consider a floor in the market. As long as we stay above there, I don't think much has changed, and I would expect to see a lot of volatility. But all things being equal, this is a market that I think continues to find buyers. Try to find some value, though, do not chase this market.
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