S&P 500

The S&P 500 initially rally during the day on Friday, testing the 2475 region. We pulled back a bit after the jobs number, because the US dollar did strengthen and traders typically use that as a counterbalance to stocks. However, later in the day we are starting to strengthen again, and I believe that the S&P 500 will continue to be a “buy on the dips” situation. The market looks likely to try to reach the 2500 level above, but as you can see we are currently consolidating more than anything else. Because of this, I think it’s probably best to buy dips and take short-term profits. If we can break above the 2500 level, the market should continue to go much higher… Read More

Dow Jones 30

The Dow Jones 30 initially rally during the day on Friday but then turned around to fall after the jobs number came out stronger than anticipated. This is mainly because the Federal Reserve is likely to continue raising interest rates, but also shows resiliency in the market so it makes sense that the buyers return. I believe that the 22,000 level should now offer support, and that the market is going to continue to be a “buy on the dips” type of situation. A breakdown below the 22,000 level has be looking for support at lower levels. Quite frankly, this is a very strong market and one of my favorite ones that I follow… Read More

NASDAQ 100

The NASDAQ 100 rallied at the beginning of the session, and then fell as well, but turned around to bounce back to the 5900 level. I think that the NASDAQ 100 is essentially consolidating between the 5860 level on the bottom, and the 5940 level on the top. Given enough time, I think that we continue to go higher and go looking for the 6000 level, but the NASDAQ 100 has been overheated for some time, and needs to catch his breath a bit. I am a buyer of dips, but I also recognize that you may have to be patient to realize the longer-term uptrend potential of this market… Read More

This article was originally posted on FX Empire

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