The S&P 500 continues to see buyers of dips, and therefore, it looks like we are heading to the all-time highs yet again.
S&P 500
The S&P 500 has been bullish during the trading session after initially dropping on Monday, testing the Crucial 75 under level. At this point, it looks like the market is ready to break out of this somewhat symmetrical triangle, and I think we still have a real shot at reaching the recent all-time highs.
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I certainly would not be a seller or a short seller in this environment. It just is far too resilient. Ultimately, I do think that we not only hit the recent all-time highs, but we go higher. I would not be surprised at all to see eight thousand between now and maybe mid-fall. The 50-day EMA is currently at the 7,375 level and rising. I think that is a bit of a trend line right along with the actual trend line that sits there from the symmetrical triangle. So, I think that's your floor.
Plenty of Noise Around the World
Now, keep in mind, there are a lot of things going on around the world at the same time that could cause some issues. And therefore, you need to be conscious of potential headaches, not the least of which would be the idea that the Federal Reserve may have to fight inflation anyway.
That being said, the jobs number coming down as a week is what they did on Thursday, house, Wall Street thinking that maybe, just maybe, the Fed may have a little bit of cover and they won't necessarily have to raise rates, but we'll just wait to see how that will play out. Ultimately, I am a buyer of dips. I think we do reach the all-time highs and eventually go higher than that, but it might take a minute to get there. Keep in mind, this time of year does tend to be somewhat choppy and sideways.
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